DALLAS, Sept. 8, 2016 /PRNewswire/ -- ISN, the global leader in contractor and supplier information management, is pleased to announce the release of its first insurance benchmarking publication, Insurance Requirements for Contractors: Hiring Client Peer Group Benchmarking, U.S. Oil & Gas Industry. This report compares the insurance policy limits and coverage requirements of ISNetworld Hiring Clients in the U.S. Oil & Gas industry with those of their industry peers and includes a cross-industry benchmarking comparison.
Over 75% of ISN's 475 Hiring Clients use ISNetworld to actively manage the insurance compliance requirements of their contractors and suppliers. In 2015 alone, ISN's Review and Verification Services (RAVS®) group completed over half a million insurance reviews. This service helps Hiring Clients assess whether their contractors and suppliers are in compliance with insurance limit and non-limit requirements.
To develop this report, ISN compiled data from nearly 20,000 contractor companies and more than 110 Hiring Clients across four Oil & Gas industry groups: Upstream Oil & Gas (Onshore), Upstream Oil & Gas (Offshore), Midstream Oil & Gas (Pipeline) and Downstream Oil & Gas (Refining).
"The data provided in the publication should be valuable to Hiring Clients in helping determine whether their insurance requirements are consistent with those of their industry peers and comparable across multiple risk exposures," states Brett Parker, CPCU, Insurance Technical Lead at ISN.
Dag Yemenu, Senior Vice President, Technical and Customer Services at ISN, states: "It is important for us to be able to share this information among our Hiring Clients as these statistics can be used to help establish data-driven, objective baselines for setting contractor insurance requirements and to assess various risk management strategies."
The data within the report is presented to preserve the anonymity of ISN Hiring Clients. The appendices also include a glossary along with an overview of the analysis methodology for readers' reference.
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