An Ounce of Prevention
An Ounce of Prevention
Podcast Description
Benjamin Franklin famously said that “An ounce of prevention is worth a pound of cure,” and we completely agree. On An Ounce of Prevention, Rachel Reese explores the legal developments affecting your business, helping you protect your interest and prevent legal trouble.
Rachel Reese, the Founder and CEO of R. Reese & Associates, draws on her many years of experience in energy law to bring you up-to-date information. She also interviews experts on their work, offering a wide range of perspectives on the intersection of law and energy.
Podcast Insights
Content Themes
The podcast tackles themes related to legal developments in the energy sector, such as tiered insurance solutions in Master Service Agreements and the implications of the Corporate Transparency Act, with episodes featuring real-world applications and industry expert discussions.
Benjamin Franklin famously said that “An ounce of prevention is worth a pound of cure,” and we completely agree. On An Ounce of Prevention, Rachel Reese explores the legal developments affecting your business, helping you protect your interest and prevent legal trouble.
Rachel Reese, the Founder and CEO of R. Reese & Associates, draws on her many years of experience in energy law to bring you up-to-date information. She also interviews experts on their work, offering a wide range of perspectives on the intersection of law and energy.
The first episode of An Ounce of Prevention is about a key solution companies use to handle insurance requirements under MSAs – tiered insurance. Phil Lukefahr, the Senior Vice President of the Natural Resources Group within CAC Specialty, has extensive experience with tiered insurance. In fact, he has worked in oil and gas insurance for over two decades. He explains what tiered insurance does, the problem that it solves, and how it applies in a variety of cases. Rachel also discusses the implementation of the Corporate Transparency Act (CTA) and the lengthy process behind its implementation.
Starting with a conversation on tired insurance, Rachel speaks to Phil about his experience with tiered insurance and why his clients find it useful. Rachel moves into discussing insurance applications with different types of projects. Finally, Rachel discusses the implementation of the CTA.
For more detailed show notes, navigate using the time stamps below:
[0:56] Rachel introduces today’s guest, Phil Lukefahr. Phil serves as the Senior Vice President for the Natural Resources Group at CAC Specialty.
[2:21] Phil says that operators and contractors start at a fundamental difference — operators want as much insurance as possible, while contractors see insurance cutting into their profits.
[3:57] Rachel says that the solution to this difference is tiered insurance. There are different tiers for different risk profiles.
[4:47] Some of Phil’s clients put tiered insurance into their MSAs upfront, while others internally categorize contractors.
[7:23] In situations where operators have a go-to “guy” they want to work with, Phil recommends assessing whether this person would qualify for your workers’ compensation, which would be the best solution. If that does not work, having a strong contract in place is crucial.
[10:42] How does insurance work with a well control company? For one, Phil says that your MSA should be ironed out ahead of time. Your contract should also take into account the extra risk involved in drilling.
[13:16] On January 1st, 2024, the Corporate Transparency Act went into effect. Rachel spends the final segment of the show discussing the CTA and the legal process of its implementation.
If you enjoyed this conversation and would like to discuss how RR&A’s Outsourced Legal Department can help your company, visit the R. Reese & Associates Website: https://rreeselaw.com/
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