Customer testimonials

I am truly greatly impressed with the quality and wealth of information contained in this book. I have rarely seen a more thorough analysis and description of any area of marine or energy insurance.

It must be an obligatory textbook of this subject for any present and future student of this topic - a truly remarkable and monumental work worthy of the highest praise from all parties involved in this subject.

Oddvar

I recently joined the world of offshore energy insurance business. I bought "Offshore Oil & Gas Insurance" by the same author few years ago and before I read through the book, new version was issued. The new version is much more comprehensive, detailed and useful for day to day business. I open the book whenever I have questions.

Tsunehiko Otani

New edition of the comprehensive study on offshore energy insurance

Price: £225.00 available from Witherby Insurance

Previously entitled 'Offshore Oil & Gas Insurance', this new edition is still the comprehensive study on the subject, describing the development of the business and explaining the coverages customarily purchased by oil companies.

Author(s): Sharp, David
Published: Nov 2008
ISBN 10: 1856093514
ISBN 13: 9781856093514

David SharpAbout the Author

Within the upstream energy insurance environment, author David Sharp is well known and highly respected for his involvement in Construction All Risk Insurance (CAR), which is given a high profile in this edition. David has worked upon some of the largest and most complex insurance placements, including the Australian North West Shelf project, the Canadian Hibernia project, and numerous others, particularly in the North Sea, Caspian Sea and the Gulf of Mexico.

In his current role at AAAIRB he specializes in upstream risk insurance in West Africa and Russia. With a wealth of relevant experience from the brokering arena, in this book David generously shares his knowledge and experience with the reader.

 

David Sharp Lifetime Achievement AwardAuthor David Sharp wins Lifetime Achievement Award:
At the Energy Insurance Claims Conference at Hafjell, Lillehammer, held between 25th and 27th February, 2009. David Sharp received a Lifetime Achievement Award. The award, the first time that it has been given, is made in recognition of services to the Upstream Energy Insurance industry. David has been active in this segment of the insurance market for 45 years and has been involved in numerous prestigious offshore constructions projects in territories such as Australia, Canada, New Zealand, South Africa, Far East, and in the North Sea and Gulf of Mexico. The Conference (see web-site >>) is the fourteenth time that it has been held in Lillehammer and was attended by 215 delegates from over twenty-five countries, comprising Insurers, Brokers, Lawyers, Average Adjusters and Consultants.

 

Content

Chapter 1 History and Development of the Offshore Insurance Market

  1. 1.1.0 Background and Introduction
  2. 1.2.0 Brief History of Offshore Drilling and Production
  3. 1.3.0 Evolution of the Offshore Energy Insurance Product
  4. 1.4.0 Development of the Marine Offshore Insurance Market
  5. 1.5.0 The Petroleum Community
  6. 1.6.0 Organisation of the Energy Insurance Market
  7. 1.7.0 Offshore Insurance Law and Jurisdiction

Chapter 2 Exploration 1 – Background

  1. 2.1.0 Introduction
  2. 2.2.0 Mobile Offshore Drilling Units (MODUs or Rigs)
  3. 2.3.0 Risk Factors Associated with MODUs
  4. 2.4.0 The Drilling Operation
  5. 2.5.0 The Drilling Contract – the Daywork Contract
  6. 2.6.0 Responsibility for Loss or Damage Under Daywork Contract
  7. 2.7.0 Footage and Turnkey Contracts

Chapter 3 Exploration 2 – Insurances on Mobile Offshore Drilling Units (MODUs) 71

  1. 3.1.0 Introduction
  2. 3.2.0 The London Standard Drilling Barge Form (9th March, 1972) (LSDBF)
  3. 3.3.0 Adapted Conventional Hull Policy Wordings
  4. 3.4.0 The Norwegian Marine Insurance Plan of 1996 (the Norwegian Plan, or the ‘Plan’)
  5. 3.5.0 London Market Offshore Mobile Unit Form (LMOMUF)
  6. 3.6.0 Overview Summary of the Forms
  7. 3.7.0 Liabilities
  8. 3.8.0 Liability Coverage in the Conventional Market
  9. 3.9.0 Market Practice for Mobile Drilling Rigs
  10. Photo Gallery

Chapter 4 Exploration 3 – Control of Well Insurance

  1. 4.1.0 Introduction – Blowout
  2. 4.2.0 Risk Considerations
  3. 4.3.0 Evolution of the Coverage Form
  4. 4.4.0 The EED 8/86 Wording (EED) – Overview
  5. 4.5.0 EED Control of Well – Section A
  6. 4.6.0 EED Redrilling/Extra Expense (Section B)
  7. 4.7.0 EED Seepage and Pollution, Clean-up and Contamination – Section C
  8. 4.8.0 EED Form General Conditions
  9. 4.9.0 Additional Optional Coverages
  10. 4.10.0 Overview of  LSW 614A (Comparison with EED)
  11. 4.11.0 Control of Well Premium Rating
  12. 4.12.0 Market Practice

Chapter 5 Offshore Construction (1)

  1. 5.1.0 Background and Introduction
  2. 5.2.0 Construction Methods and Phases
  3. 5.3.0 The Marine Warranty Surveyor (MWS)
  4. 5.4.0 Contractual Issues and Arrangements
  5. 5.5.0 Responsibility for Insurance

Chapter 6 Offshore Construction (2) – Essential Principles

  1. 6.1.0 Introduction to Scope of CAR Policy
  2. 6.2.0 Assured
  3. 6.3.0 Period
  4. 6.4.0 The Insured Works
  5. 6.5.0 Valuation
  6. 6.6.0 Coverage Scope
  7. 6.7.0 Third Party Liabilities

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

  1. 7.1.0 Historic Background
  2. 7.2.0 WELCAR – Policy Construction
  3. 7.3.0 Scope
  4. 7.4.0 General Terms and Conditions
  5. 7.5.0 Section 1 – Physical Damage

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

  1. 8.1.0 Terms and Conditions (Section 1 only)
  2. 8.2.0 Basis of Recovery
  3. 8.3.0 Incorporated Clauses
  4. 8.4.0 Project Alterations and Amendments
  5. 8.5.0 Defective Parts
  6. 8.6.0 Additional Expenditures under Section 1
  7. 8.7.0 Maintenance
  8. 8.8.0 Other Aspects
  9. 8.9.0 Definitions for Section 1
  10. 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)

  1. 9.1.0 Introduction
  2. 9.2.0 WELCAR Section II Third Party Liability – Insuring Agreement 288
  3. 9.3.0 Terms and Conditions for Section II
  4. 9.4.0 Exclusions
  5. 9.5.0 Coverage Buy-Backs
  6. 9.6.0 Marketing Practice for CAR Insurance
  7. Photo Gallery

Chapter 10 Operating Insurance 1 – Principal Considerations

  1. 10.1.0 Introduction
  2. 10.2.0 Offshore Structures
  3. 10.3.0 Risk Hazards
  4. 10.4.0 Certification Requirements for Offshore Installations
  5. 10.5.0 Essential Insurance Considerations

Chapter 11 Operating Insurance 2 – Physical Damage Wordings

  1. 11.1.0 Introduction
  2. 11.2.0 Issues Normally Forming Part of Declarations or Schedules
  3. 11.3.0 Coverage
  4. 11.4.0 Exclusions
  5. 11.5.0 Limit of Liability (Basis of Recovery)
  6. 11.6.0 Other Clauses
  7. 11.7.0 Other Clauses Customarily Included in Manuscript Policies

Chapter 12 Operating Insurance – 3

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

  1. 12.1.0 Introduction – FPSOs and Contractors Vessels
  2. 12.2.0 FPSOs and FSUs – War Risks Cover
  3. 12.3.0 FPSOs and FSUs – Crude Oil in Store
  4. 12.4.0 Pipeline Operating Forms
  5. 12.5.0 Land Rigs and Onshore Equipment

B. General Market Practice – Operational Risks

  1. 12.6.0 Introduction
  2. Photo Gallery

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

  1. 13.1.0 Introduction
  2. 13.2.0 Essential Principles and Practice – Business Interruption Coverage
  3. 13.3.0 Loss of Production Income Wording (Production Loss Sustained) JR 2005/003A) (LOPIW)
  4. 13.4.0 Insuring Clauses
  5. 13.5.0 Exclusions
  6. 13.6.0 Delay in Start Up (DSU)
  7. 13.7.0 DSU Underwriting Practice
  8. 13.8.0 Loss of Charter Hire and Loss of Hire

Chapter 14 Offshore Liability Risks 441

  1. 14.1.0 Introduction
  2. 14.2.0 Synopsis of Liability Exposures
  3. 14.3.0 Liability Policy Forms (Generically)
  4. 14.4.0 Excess Liability Claims Made Policy – LSW 244
  5. 14.5.0 Endorsement Containing Energy Exclusions – LSW 245
  6. 14.6.0 The LPO 418 (B) – London CGL Wording
  7. 14.7.0 Other Manuscript Policies
  8. 14.8.0 Market Practice
  9. 14.9.0 The Piper Alpha Litigation

Chapter 15 Pollution Insurance 485

  1. 15.1.0 Introduction and Background
  2. 15.2.0 Spillage, Clean-up and Containment
  3. 15.3.0 International Legislative and Voluntary Agreements
  4. 15.4.0 The Offshore Pollution Liability Agreement (Hereinafter Referred to as OPOL or the Agreement)
  5. 15.5.0 The Outer Continental Shelf Lands Act (OCSLA) and 1978 Amendments (the Amendments)
  6. 15.6.0 Oil Pollution Act 1990 (OPA)
  7. 15.7.0 Position in Respect of FPSOs/FSUs
  8. 15.8.0 Insurance Coverage for Pollution Risks

Chapter 16 The Mutual Entities – Oil and Ocil

  1. 16.1.0 Introduction
  2. 16.2.0 Overview of Coverage and Limits Provided by OIL
  3. 16.3.0 Rating Formula
  4. 16.4.0 OIL Coverage – Construction of the Policy
  5. 16.5.0 Insuring Agreement 1 – Physical Damage
  6. 16.6.0 Insuring Agreement 2 – Sue and Labour, Control of Well, Removal of Debris, Restoration and Redrilling Expense
  7. 16.7.0 Insuring Agreement 3 – Seepage, Pollution and Contamination – Coverage
  8. 16.8.0 Other Main Conditions
  9. 16.9.0 OIL Coverage as Vehicle for Construction
  10. 16.10.0 Oil Casualty Insurance Limited (OCIL
  11. Photo Gallery

Chapter 17 War, Terrorists and Political Risk

  1. 17.1.0 Introduction
  2. 17.2.0 Drilling Barges – The Institute War and Strikes Clauses – Hulls – Time 1.11. 95 (War and Strikes policy)
  3. 17.3.0 Mobile Offshore Units – Norwegian Practice under Norwegian Marine Insurance Plan (the NMIP or the Plan)
  4. 17.4.0 Fixed Offshore Facilities
  5. 17.5.0 Onshore Terrorism
  6. 17.6.0 Other Political Risk Exposures and Coverages

Chapter 18 Decommissioning and Abandonment

  1. 18.1.0 Introduction
  2. 18.2.0 International Legislative Background
  3. 18.3.0 National Enactments
  4. 18.4.0 Abandonment Options
  5. 18.5.0 Insurance Products
  6. 18.6.0 Post Abandonment Liabilities
  7. 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