Offshore property
Operating risks:
We place cover for all risks of physical loss or damage to offshore installations including platforms, caissons, flare towers, subsea production systems, loading buoys, FPSOs, pipelines, gathering systems, risers, and other associated property.
Coverage includes:
- Property insured whilst in storage or in transit
- Sue and labour and removal of wreck
- Strikes, riots and civil commotion, acts of terrorism
- Drill stem (drill stem underwater or underground only covered following named perils such as fire, blowout cratering or total loss of drilling barge)
- Coverage may also be extended to include business interruption/loss of profit following physical loss or physical damage to the assets (link to Loss of Hire/Business Interruption//Loss of Production Income page) and construction risks (link to Construction page).
The minimum details required to offer a premium indication are as follows:
- Full description of the property including platform design (e.g. steel jacket, concrete gravity base, tension leg platform, floating production system etc.), pipeline design (e.g. standard rolled steel, stainless steel, bundled, flexible pipeline etc.) and age
- Length and outside diameter of pipeline and whether oil or gas
- Pipeline route (from where to where) including water depth along route and details of any sub-sea tie-ins and/or pipeline crossings
- Value (replacement cost) and revenue (including details of interdependency between other owned and third party facilities)
- Five year loss record (with details of deductibles applicable to such losses)
- Operating location including water depth at site and other linked structures
- Sight of any recent surveys
- Owners details, including management experience, other operations, maintenance and safety procedures
- Expiring markets, terms and conditions (if available)