The key objective of this course is to empower professionals to—

• acquire detailed knowledge and information about energy insurance in the oil and gas industry
• make the right decisions when opting for insurance plans for one’s organization, thus protecting the organization with the appropriate cover
• devise, on the part of the insurer, suitable, customizable and useful insurance plans, thereby promoting insurance covers to organizations
• review, analyze, predict and cover all possible risks offshore and onshore through insurance to avoid financial losses to the organization

Content:

The course covers the following topics regarding energy insurance:

 Broad Risks in Oil and Gas Industry

• Political risks
• Geological risks
• Price risks
• Supply and demand risks
• Cost risks

 Types of Offshore Energy Risks

• Weather perils
• Marine perils
• Drilling perils
• Production perils
• Political risks

Types of Onshore Risks

• Property damage
• Boiler explosion/Machinery breakdown
• Business interruption

Risk Control Techniques

• Safety programs
• Security systems
• Fire suppression
• Construction material check
• Pre-employment screening

 Benefits of Scale in Risk Management

• Diversification
• Financing
• Expertise
• Products

Risk Transfer Mechanisms

• Captives’ insurance companies
• Catastrophe bonds
• Derivatives
• Insurance
• Self-insurance

Challenges of the Energy Industry

• Dynamic business models
• Globalized environment
• Human capital management
• Climate change and environmental care
• Impact of new technology

 Energy Insurance Placement in the Market

• Tender quotation
• Broker selection
• Lead underwriter selection
• Broker’s placing slip
• Line authorisation
• Closing and final signing
• Final policy wording

 Adjustments by Insurance Buyers, Risk Intermediaries and Insurers

• Energy industry business requirement
• Current risk management methodologies
• Energy insurance market trading conditions

 Important Aspects of an Insurance Policy

• Loss control
• Safety
• Claims management
• Financial analysis

Factors Affecting Insurance Costs in Oil and Gas

• Production level
• Operations size
• Payroll
• Storage type
• Management experience
• Resident state of operations

 Various Coverage Options

• Umbrella liability
• Professional liability
• Inland marine liability