Oil & Energy Insurance
This policy provides coverage to subject matter insured during construction in offshore places.
The policy provides coverage under two broad sections.
Section – A
This section covers All Risks of Physical loss or damage to contract works, including temporary works. The cover would include builder’s risks and cargo coverage, sue and labour, removal of wreck and debris for a separate limit, existing property, expediting expenses, war, (subject to waterborne agreement) and maintenance period.
Section – B
This section covers Third Party liabilities arising from operations for an agreed limit.
Underwriting Information Required
- The scope of work of the contract including bar charts showing project time scale, design of the facility & method of transit/installation at site.
- Contract value broken down over major component parts, including pipelines, if any.
- Details of construction yard(s), contractors and suppliers of major components parts to be covered while in transit to main yard.
- Details of owner, including management experience, other operations, maintenance and safety procedures.
- Previous loss record of yard and/or construction contractors.