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    Manufacturer: Witherby

    Upstream and Offshore Energy Insurance, 3rd Edition

    £495.00
    3rd edition published May 2020. This publication is a comprehensive study on offshore energy insurance. It provides understanding of the products that have been developed by the insurance industry to provide financial support.
    ISBN: 9781856099059
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    Offshore energy insurance has, to a large degree, been based upon the traditional principles and practices established in the marine insurance market. However, it has, in time, evolved into a distinct brand offering products that are unique to the insurance industry and tailor-made to the energy industry. Exploration and production of hydrocarbons in a marine environment is a risky business. It requires significant capital expenditure and highly specialised equipment, techniques and manpower and, for all the skills and expertise that have collectively been acquired within the industry.

     

    Author: David Sharp

    Published: May 2020

    ISBN 9781856099059

     

    Content:

    Chapter 1 History and Development of the Offshore Insurance Market

    1.1.0 Background and Introduction

    1.2.0 Brief History of Offshore Drilling and Production

    1.3.0 Evolution of the Offshore Energy Insurance Product

    1.4.0 Development of the Marine Offshore Insurance Market

    1.5.0 The Petroleum Community

    1.6.0 Organisation of the Energy Insurance Market

    1.7.0 Offshore Insurance Law and Jurisdiction

    Chapter 2 Exploration 1 – Background

    2.1.0 Introduction

    2.2.0 Mobile Offshore Drilling Units (MODUs or Rigs)

    2.3.0 Risk Factors Associated with MODUs

    2.4.0 The Drilling Operation

    2.5.0 The Drilling Contract – the Daywork Contract

    2.6.0 Responsibility for Loss or Damage Under Daywork Contract

    2.7.0 Footage and Turnkey Contracts

    Chapter 3 Exploration 2 – Insurances on Mobile Offshore Drilling Units (MODUs)

    3.1.0 Introduction

    3.2.0 The London Standard Drilling Barge Form (9th March, 1972) (LSDBF)

    3.3.0 Adapted Conventional Hull Policy Wordings

    3.4.0 The Norwegian Marine Insurance Plan of 1996 (the Norwegian Plan, or the ‘Plan’)

    3.5.0 London Market Offshore Mobile Unit Form (LMOMUF)

    3.6.0 Overview Summary of the Forms

    3.7.0 Liabilities

    3.8.0 Liability Coverage in the Conventional Market

    3.9.0 Market Practice for Mobile Drilling Rigs

    Photo Gallery

    Chapter 4 Exploration 3 – Control of Well Insurance

    4.1.0 Introduction – Blowout

    4.2.0 Risk Considerations

    4.3.0 Evolution of the Coverage Form

    4.4.0 The EED 8/86 Wording (EED) – Overview

    4.5.0 EED Control of Well – Section A

    4.6.0 EED Redrilling/Extra Expense (Section B)

    4.7.0 EED Seepage and Pollution, Clean-up and Contamination – Section C

    4.8.0 EED Form General Conditions

    4.9.0 Additional Optional Coverages

    4.10.0 Overview of LSW 614A (Comparison with EED)

    4.11.0 Control of Well Premium Rating

    4.12.0 Market Practice

    Chapter 5 Offshore Construction (1)

    5.1.0 Background and Introduction

    5.2.0 Construction Methods and Phases

    5.3.0 The Marine Warranty Surveyor (MWS)

    5.4.0 Contractual Issues and Arrangements

    5.5.0 Responsibility for Insurance

    Photo Gallery

    Chapter 6 Offshore Construction (2) – Essential Principles

    6.1.0 Introduction to Scope of CAR Policy

    6.2.0 Assured

    6.3.0 Period

    6.4.0 The Insured Works

    6.5.0 Valuation

    6.6.0 Coverage Scope

    6.7.0 Third Party Liabilities

    Chapter 7 Offshore Construction 3 – The WELCAR 2001 Policyform – General Conditions and Physical Damage

    7.1.0 Historic Background

    7.2.0 WELCAR – Policy Construction

    7.3.0 Scope

    7.4.0 General Terms and Conditions

    7.5.0 Section 1 – Physical Damage

    Chapter 8 Offshore Construction (4) – The WELCAR 2001 Policy Form – Terms and Conditions for Section 1

    8.1.0 Terms and Conditions (Section 1 only)

    8.2.0 Basis of Recovery

    8.3.0 Incorporated Clauses

    8.4.0 Project Alterations and Amendments

    8.5.0 Defective Parts

    8.6.0 Additional Expenditures under Section 1

    8.7.0 Maintenance

    8.8.0 Other Aspects

    8.9.0 Definitions for Section 1

    8.10.0 Exclusions for Section 1

    Chapter 9 Offshore Construction 5

    WELCAR Form – Section II (Liabilities) and Marketing Practice for CAR insurance

    WELCAR FORM Section II (Liabilites)

    9.1.0 Introduction

    9.2.0 WELCAR Section II Third Party Liability – Insuring Agreement

    9.3.0 Terms and Conditions for Section II

    9.4.0 Exclusions

    9.5.0 Coverage Buy-Backs

    9.6.0 Marketing Practice for CAR Insurance

    Photo Gallery

    Chapter 10 Operating Insurance 1 – Principal Considerations

    10.1.0 Introduction

    10.2.0 Offshore Structures

    10.3.0 Risk Hazards

    10.4.0 Certification Requirements for Offshore Installations

    10.5.0 Essential Insurance Considerations

    Chapter 11 Operating Insurance 2 – Physical Damage Wordings

    11.1.0 Introduction

    11.2.0 Issues Normally Forming Part of Declarations or Schedules

    11.3.0 Coverage

    11.4.0 Exclusions

    11.5.0 Limit of Liability (Basis of Recovery)

    11.6.0 Other Clauses

    11.7.0 Other Clauses Customarily Included in Manuscript Policies

    Chapter 12 Operating Insurance –

    (A) FPSO and Contractors’ Vessels, Pipelines and Onshore Land Rigs and Equipment

    (B) General Market Practice

    12.1.0 Introduction – FPSOs and Contractors Vessels

    12.2.0 FPSOs and FSUs – War Risks Cover

    12.3.0 FPSOs and FSUs – Crude Oil in Store

    12.4.0 Pipeline Operating Forms

    12.5.0 Land Rigs and Onshore Equipment

    B. General Market Practice – Operational Risks

    12.6.0 Introduction

    Photo Gallery

    Chapter 13 Business Interruption, Delay in Start-up and Loss of Hire

    13.1.0 Introduction

    13.2.0 Essential Principles and Practice – Business

    Interruption Coverage

    13.3.0 Loss of Production Income Wording (Production Loss Sustained) JR 2005/003A) (LOPIW)

    13.4.0 Insuring Clauses

    13.5.0 Exclusions

    13.6.0 Delay in Start Up (DSU)

    13.7.0 DSU Underwriting Practice

    13.8.0 Loss of Charter Hire and Loss of Hire

    Chapter 14 Offshore Liability Risks

    14.1.0 Introduction

    14.2.0 Synopsis of Liability Exposures

    14.3.0 Liability Policy Forms (Generically)

    14.4.0 Excess Liability Claims Made Policy – LSW 244

    14.5.0 Endorsement Containing Energy Exclusions – LSW 245 4

    14.6.0 The LPO 418 (B) – London CGL Wording

    14.7.0 Other Manuscript Policies

    14.8.0 Market Practice

    14.9.0 The Piper Alpha Litigation

    Chapter 15 Pollution Insurance

    15.1.0 Introduction and Background

    15.2.0 Spillage, Clean-up and Containment

    15.3.0 International Legislative and Voluntary Agreements

    15.4.0 The Offshore Pollution Liability Agreement (Hereinafter Referred to as OPOL or the Agreement)

    15.5.0 The Outer Continental Shelf Lands Act (OCSLA) and 1978 Amendments (the Amendments)

    15.6.0 Oil Pollution Act 1990 (OPA)

    15.7.0 Position in Respect of FPSOs/FSUs

    15.8.0 Insurance Coverage for Pollution Risks

    Chapter 16 The Mutual Entities – Oiland Ocil513

    16.1.0 Introduction

    16.2.0 Overview of Coverage and Limits Provided by OIL

    16.3.0 Rating Formula

    16.4.0 OIL Coverage – Construction of the Policy

    16.5.0 Insuring Agreement 1 – Physical Damage

    16.6.0 Insuring Agreement 2 – Sue and Labour, Control of Well, Removal of Debris, Restoration and Redrilling Expense

    16.7.0 Insuring Agreement 3 – Seepage, Pollution and Contamination – Coverage

    16.8.0 Other Main Conditions

    16.9.0 OIL Coverage as Vehicle for Construction

    16.10.0 Oil Casualty Insurance Limited (OCIL)

    Photo Gallery

    Chapter 17 War, Terrorists and Political Risk

    17.1.0 Introduction

    17.2.0 Drilling Barges – The Institute War and Strikes Clauses – Hulls – Time 1.11. 95 (War and Strikes policy)

    17.3.0 Mobile Offshore Units – Norwegian Practice under Norwegian Marine Insurance Plan (the NMIP or the Plan)

    17.4.0 Fixed Offshore Facilities

    17.5.0 Onshore Terrorism

    17.6.0 Other Political Risk Exposures and Coverages

    Chapter 18 Decommissioning and Abandonment

    18.1.0 Introduction

    18.2.0 International Legislative Background

    18.3.0 National Enactments

    18.4.0 Abandonment Options

    18.5.0 Insurance Products

    18.6.0 Post Abandonment Liabilities

    18.7.0 Provision of Decommissioning Security

    Appendix A WELCAR 2001

    Appendix B Energy Exploration and Development Insurance

    Appendix C London Standard Platform Form

    Appendix D London Market Offshore Mobile Unit Form

    Appendix E Loss of Production Income

    Appendix F Excess Liability Claims Made Policy – LSW 244

    Appendix G Oil and Gas Well Drilling Tools Floater Form (All Risks)

    Appendix H Offshore Facilities Limited Terrorist Cover, Form 2

    Photograph Credits

    Index

    *
    *
    *
    *

    Offshore energy insurance has, to a large degree, been based upon the traditional principles and practices established in the marine insurance market. However, it has, in time, evolved into a distinct brand offering products that are unique to the insurance industry and tailor-made to the energy industry. Exploration and production of hydrocarbons in a marine environment is a risky business. It requires significant capital expenditure and highly specialised equipment, techniques and manpower and, for all the skills and expertise that have collectively been acquired within the industry.

     

    Author: David Sharp

    Published: May 2020

    ISBN 9781856099059

     

    Content:

    Chapter 1 History and Development of the Offshore Insurance Market

    1.1.0 Background and Introduction

    1.2.0 Brief History of Offshore Drilling and Production

    1.3.0 Evolution of the Offshore Energy Insurance Product

    1.4.0 Development of the Marine Offshore Insurance Market

    1.5.0 The Petroleum Community

    1.6.0 Organisation of the Energy Insurance Market

    1.7.0 Offshore Insurance Law and Jurisdiction

    Chapter 2 Exploration 1 – Background

    2.1.0 Introduction

    2.2.0 Mobile Offshore Drilling Units (MODUs or Rigs)

    2.3.0 Risk Factors Associated with MODUs

    2.4.0 The Drilling Operation

    2.5.0 The Drilling Contract – the Daywork Contract

    2.6.0 Responsibility for Loss or Damage Under Daywork Contract

    2.7.0 Footage and Turnkey Contracts

    Chapter 3 Exploration 2 – Insurances on Mobile Offshore Drilling Units (MODUs)

    3.1.0 Introduction

    3.2.0 The London Standard Drilling Barge Form (9th March, 1972) (LSDBF)

    3.3.0 Adapted Conventional Hull Policy Wordings

    3.4.0 The Norwegian Marine Insurance Plan of 1996 (the Norwegian Plan, or the ‘Plan’)

    3.5.0 London Market Offshore Mobile Unit Form (LMOMUF)

    3.6.0 Overview Summary of the Forms

    3.7.0 Liabilities

    3.8.0 Liability Coverage in the Conventional Market

    3.9.0 Market Practice for Mobile Drilling Rigs

    Photo Gallery

    Chapter 4 Exploration 3 – Control of Well Insurance

    4.1.0 Introduction – Blowout

    4.2.0 Risk Considerations

    4.3.0 Evolution of the Coverage Form

    4.4.0 The EED 8/86 Wording (EED) – Overview

    4.5.0 EED Control of Well – Section A

    4.6.0 EED Redrilling/Extra Expense (Section B)

    4.7.0 EED Seepage and Pollution, Clean-up and Contamination – Section C

    4.8.0 EED Form General Conditions

    4.9.0 Additional Optional Coverages

    4.10.0 Overview of LSW 614A (Comparison with EED)

    4.11.0 Control of Well Premium Rating

    4.12.0 Market Practice

    Chapter 5 Offshore Construction (1)

    5.1.0 Background and Introduction

    5.2.0 Construction Methods and Phases

    5.3.0 The Marine Warranty Surveyor (MWS)

    5.4.0 Contractual Issues and Arrangements

    5.5.0 Responsibility for Insurance

    Photo Gallery

    Chapter 6 Offshore Construction (2) – Essential Principles

    6.1.0 Introduction to Scope of CAR Policy

    6.2.0 Assured

    6.3.0 Period

    6.4.0 The Insured Works

    6.5.0 Valuation

    6.6.0 Coverage Scope

    6.7.0 Third Party Liabilities

    Chapter 7 Offshore Construction 3 – The WELCAR 2001 Policyform – General Conditions and Physical Damage

    7.1.0 Historic Background

    7.2.0 WELCAR – Policy Construction

    7.3.0 Scope

    7.4.0 General Terms and Conditions

    7.5.0 Section 1 – Physical Damage

    Chapter 8 Offshore Construction (4) – The WELCAR 2001 Policy Form – Terms and Conditions for Section 1

    8.1.0 Terms and Conditions (Section 1 only)

    8.2.0 Basis of Recovery

    8.3.0 Incorporated Clauses

    8.4.0 Project Alterations and Amendments

    8.5.0 Defective Parts

    8.6.0 Additional Expenditures under Section 1

    8.7.0 Maintenance

    8.8.0 Other Aspects

    8.9.0 Definitions for Section 1

    8.10.0 Exclusions for Section 1

    Chapter 9 Offshore Construction 5

    WELCAR Form – Section II (Liabilities) and Marketing Practice for CAR insurance

    WELCAR FORM Section II (Liabilites)

    9.1.0 Introduction

    9.2.0 WELCAR Section II Third Party Liability – Insuring Agreement

    9.3.0 Terms and Conditions for Section II

    9.4.0 Exclusions

    9.5.0 Coverage Buy-Backs

    9.6.0 Marketing Practice for CAR Insurance

    Photo Gallery

    Chapter 10 Operating Insurance 1 – Principal Considerations

    10.1.0 Introduction

    10.2.0 Offshore Structures

    10.3.0 Risk Hazards

    10.4.0 Certification Requirements for Offshore Installations

    10.5.0 Essential Insurance Considerations

    Chapter 11 Operating Insurance 2 – Physical Damage Wordings

    11.1.0 Introduction

    11.2.0 Issues Normally Forming Part of Declarations or Schedules

    11.3.0 Coverage

    11.4.0 Exclusions

    11.5.0 Limit of Liability (Basis of Recovery)

    11.6.0 Other Clauses

    11.7.0 Other Clauses Customarily Included in Manuscript Policies

    Chapter 12 Operating Insurance –

    (A) FPSO and Contractors’ Vessels, Pipelines and Onshore Land Rigs and Equipment

    (B) General Market Practice

    12.1.0 Introduction – FPSOs and Contractors Vessels

    12.2.0 FPSOs and FSUs – War Risks Cover

    12.3.0 FPSOs and FSUs – Crude Oil in Store

    12.4.0 Pipeline Operating Forms

    12.5.0 Land Rigs and Onshore Equipment

    B. General Market Practice – Operational Risks

    12.6.0 Introduction

    Photo Gallery

    Chapter 13 Business Interruption, Delay in Start-up and Loss of Hire

    13.1.0 Introduction

    13.2.0 Essential Principles and Practice – Business

    Interruption Coverage

    13.3.0 Loss of Production Income Wording (Production Loss Sustained) JR 2005/003A) (LOPIW)

    13.4.0 Insuring Clauses

    13.5.0 Exclusions

    13.6.0 Delay in Start Up (DSU)

    13.7.0 DSU Underwriting Practice

    13.8.0 Loss of Charter Hire and Loss of Hire

    Chapter 14 Offshore Liability Risks

    14.1.0 Introduction

    14.2.0 Synopsis of Liability Exposures

    14.3.0 Liability Policy Forms (Generically)

    14.4.0 Excess Liability Claims Made Policy – LSW 244

    14.5.0 Endorsement Containing Energy Exclusions – LSW 245 4

    14.6.0 The LPO 418 (B) – London CGL Wording

    14.7.0 Other Manuscript Policies

    14.8.0 Market Practice

    14.9.0 The Piper Alpha Litigation

    Chapter 15 Pollution Insurance

    15.1.0 Introduction and Background

    15.2.0 Spillage, Clean-up and Containment

    15.3.0 International Legislative and Voluntary Agreements

    15.4.0 The Offshore Pollution Liability Agreement (Hereinafter Referred to as OPOL or the Agreement)

    15.5.0 The Outer Continental Shelf Lands Act (OCSLA) and 1978 Amendments (the Amendments)

    15.6.0 Oil Pollution Act 1990 (OPA)

    15.7.0 Position in Respect of FPSOs/FSUs

    15.8.0 Insurance Coverage for Pollution Risks

    Chapter 16 The Mutual Entities – Oiland Ocil513

    16.1.0 Introduction

    16.2.0 Overview of Coverage and Limits Provided by OIL

    16.3.0 Rating Formula

    16.4.0 OIL Coverage – Construction of the Policy

    16.5.0 Insuring Agreement 1 – Physical Damage

    16.6.0 Insuring Agreement 2 – Sue and Labour, Control of Well, Removal of Debris, Restoration and Redrilling Expense

    16.7.0 Insuring Agreement 3 – Seepage, Pollution and Contamination – Coverage

    16.8.0 Other Main Conditions

    16.9.0 OIL Coverage as Vehicle for Construction

    16.10.0 Oil Casualty Insurance Limited (OCIL)

    Photo Gallery

    Chapter 17 War, Terrorists and Political Risk

    17.1.0 Introduction

    17.2.0 Drilling Barges – The Institute War and Strikes Clauses – Hulls – Time 1.11. 95 (War and Strikes policy)

    17.3.0 Mobile Offshore Units – Norwegian Practice under Norwegian Marine Insurance Plan (the NMIP or the Plan)

    17.4.0 Fixed Offshore Facilities

    17.5.0 Onshore Terrorism

    17.6.0 Other Political Risk Exposures and Coverages

    Chapter 18 Decommissioning and Abandonment

    18.1.0 Introduction

    18.2.0 International Legislative Background

    18.3.0 National Enactments

    18.4.0 Abandonment Options

    18.5.0 Insurance Products

    18.6.0 Post Abandonment Liabilities

    18.7.0 Provision of Decommissioning Security

    Appendix A WELCAR 2001

    Appendix B Energy Exploration and Development Insurance

    Appendix C London Standard Platform Form

    Appendix D London Market Offshore Mobile Unit Form

    Appendix E Loss of Production Income

    Appendix F Excess Liability Claims Made Policy – LSW 244

    Appendix G Oil and Gas Well Drilling Tools Floater Form (All Risks)

    Appendix H Offshore Facilities Limited Terrorist Cover, Form 2

    Photograph Credits

    Index

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