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- Energy Operational
- Offshore Construction
Energy Operational
Energy Operational Insurance covers risks associated with oil & gas operations, both on-shore and off-shore.
In general, these policies and divided into the following sections:
- Section I - Property Damage: covers physical damage to the platform structure and accessories, up to the stated limit.
- Section II - Control of Well (or Operator’s Extra Expenses): covers the costs associated with re-taking control of the well and redrilling it, after a blow-out incident.
- Section III - Liability: Covers bodily damage to third parties and damage to third party property.
It is also possible to complement the protection provided by operational policies with covers such as Business Interruption, Machinery Breakdown, Terrorism/War, Pollution, etc.
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Offshore Construction
Offshore Construction Insurance (also known as Offshore CAR – Contractor’s All Risks Insurance) covers the risks associated with the various stages of an offshore construction project, including initial costs with design and engineering, project management and procurement/fabrication, storage and transit costs both on land and at sea, and installation, hook-up and commissions costs.
The structure of these policies is generally based on the WELCAR2001 form, with adhoc adaptations according to specific risks and other improvements, and contains the following sections:
- Section I - Covers physical loss or physical damage to project works arising within the project period. Covers all works (regardless of location) in respect of the project, provided works are destined to be part of the project and are declared within the Estimated Contract Value.
- Section II - Liability: covers third party liability (for which the assured is obliged by law or express contractual liability) for bodily injury and physical damage caused by an occurrence resulting from the project works and within the project period.
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