Offshore Construction All Risks Insurance offers coverage for physical damage or loss to contract works and Third Party Liabilities under the following two sections.
SECTION – I covers All Risks of Physical Loss or Damage to contract works, including temporary works. The Cover would include Builders Risks and cargo coverage, Sue and labor and removal of wreck for a separate limit, Removal of wreck and debris separate limit, Existing property , Expediting expenses, War etc. subject to waterborne agreement and Maintenance period.
SECTION – II covers Third party liabilities arising from operations for an agreed limit.
Rates, terms and conditions are influenced by trends in international market and based on following underwriting information:
- 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 component 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
Al Wathba Insurance can assist Oil Companies and Offshore Contractors with advice on suitable covers in this regard. Please contact us on Telephone for more information or ask for call back.