Mosaic launches climate solution for oil and gas well remediation

By Mia MacGregor

June 18 - (The Insurer) - Mosaic Insurance has launched a climate solution aimed at supporting companies in North America with the remediation of abandoned and orphaned oil and gas wells.

Mosaic’s environmental team has developed a hybrid pollution product designed to mitigate risks associated with plugging disused wells, thereby advancing climate-change objectives, according to the company.

Mosaic highlighted that inactive, unplugged oil and gas wells across the U.S. pose significant environmental and health hazards. These wells can leak toxic chemicals and release methane, a potent greenhouse gas that contributes to climate change.

“While CPL typically covers pollution events and COW covers well control and redrill costs, neither fully addressed the needs of orphaned well remediation projects,” said Mosaic environmental specialist Max Horn.

“Mosaic created a tailored solution that combines the two, offering more comprehensive protection for this evolving risk,” Horn added.

Environmental liability is one of seven specialty business lines at Mosaic, alongside cyber, transactional liability, political risk, political violence, professional liability and financial institutions.