Canada’s oil and gas industry, Canada’s only Energy Insurance Reciprocal (EIR), operating since 1988 and managed by CPIX Ltd., reflects on its unorthodox beginning.
Fifty energy companies and two industry organizations joined forces to find a better way to cover their risks – and they found it. The better way was to create Canada’s only Energy Insurance Reciprocal focused exclusively on the unique needs of Western Canada’s oil and gas producers.
This non-profit program essentially allowed oil and gas companies to come together in an unincorporated fashion to spread out their liability and secure more long term and stable rates.
Twenty years later, CPIX Ltd. has added additional coverage services and programs into their fold - but the basic principals remain the same.
“Our goal is to continue to provide insurance services for the oil and gas industry that are transparent and that reward the subscriber,”
In fact, according to Jackson, CPIX Ltd. sees themselves more a part of the oil and gas industry than the insurance industry. Which explains why CPIX is known for benchmarking the industry with claims responsiveness, stable premiums and personalized value-added service.
EIR subscribers agree. According to Joe Holowisky, VP Finance Rife Resources Ltd. “the thing that has impressed us the most has been the personal attention we receive to other bigger conglomerate insurers.”
Greg Fisher, VP Finance and CFO of Vault Energy Inc. also notes that Vault Energy continues to subscribe to CPIX’ EIR because of the transparency and rewards they receive beyond the price of coverage. “The fact that CPIX resolved our claim and delivered a cheque to us, one day after receiving our proof of loss, confirmed to me that there are unique rewards to being an EIR subscriber.”
Oil and gas companies interested in being part of the next twenty years can visit www.cpix.com for more information.
