Construction All Risk Insurance

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1 All Risk Insurance of Mobile Offshore Units (MOU/CAR). Lillehammer Energy Claims Conference 2015

2 History: 2007: Cefor E&O forum commences work with CAR insurance for MOUs : Working group for amendments of chapter 18 established : Decided to focus on/give priority to insurances under operation : Decided to postpone CAR insurance until next version of the Plan : Suggestion forwarded to the revision committee, without CAR : Working group for CAR/MOU established. Sub-working group appointed. 12 meetings in JWP & SWG : Draft approved by revision committee : Published as a Cefor form 2016: To be included as a separate section of Chapter 18 in the Plan.

3 Joint Working Party (JWP) Cefor Energy & Offshore Forum Norwegian Shipowners Association Nordic MOU Owners Norwegian Energy/Offshore Insurance Brokers Sub-Working Group (SWG) Haakon Stang Lund Jan-Hugo Marthinsen Frode Berg

4 Why? No available standard insurance conditions for construction of MOUs Bridge between construction and operational insurances Cover similar to the operational policy.from "Cradle to Grave

5 BW Catcher: Global Project Vendors Fabrication Yards Integration Yard s Site

6 Do we share common view? What colour is this dress? Blue and black? Gold and white?

7 Result: Chapter 18 and Part One of the Plan is the basis Chapter 18 Common rules from the Plan Same as for MOUs in operation, except for; 13 Clauses amending the rules in NMIP. 6 Clauses for Supplementary covers. Special CAR provisions All Risk Insurance (MOU/CAR)

8 Result Insurance period Agreed start to stipulated completion date.. extension up to 9 months to actual completion date. Agreed start and expiry. Components, equipment and materials are insured from the time the risk is transferred to the Assured.

9 Result Perils Covers all perils to which the interest may be exposed to, with the exception of: War risk (Cl. 2-9), except for Strikes and Lockout which is covered. Intervention by State Power Insolvency RACE II. Covers all perils to which the interest may be exposed to, with the exception of: War risk (Cl. 2-9) Intervention by State Power Insolvency RACE II

10 Result Objects insured The MOU, components, equipment and materials manufactured or procured for the Project. Costs in connection with design, drawings and other planning of the Project, and bunkers and lubricating oil on board. The MOU s - all its equipment, bunkers and lubricating oil on board. Excluding articles for consumption, helicopters, blueprints, plans, specifications, logs, etc., and remote operated vehicles during operation. Objects temporarily removed or separated from the MOU

11 Result: Sum insured - Insurable value The value of the project works not performed, and the value of components, equipment and materials not manufactured or procured The sum insured stated in the policy shall be deemed to constitute assessed insurable value(s) unless the circumstances clearly indicates otherwise. start middle Insurable Value endsum Insured start e

12 Result: Sum insured - Insurable value Insurable value = Contract price, plus additional amounts in the insurance contract, value of the owners deliveries, and the value of any existing vessel or MOU. Sum Insured = Assessed insurable value Prior to completion: Deductions for works not performed, and value of components, equipment and materials not manufactured or procured. Escalation : 110%

13 Result: Area of operation / insurance place Anywhere in the world. Yards, workshops and places for construction and assembling of main components shall be agreed with the insurer. Sea trials - MOU s certificates. Offshore installation, hook-up and commissioning: Offshore location shall be set out in the insurance contract. The area of operation for the MOU shall be set out in the policy.

14 Result Safety Regulations A surveyor approved by claims leader to review the project plans, procedures for moves and lifts. Negligence by the Assured! BOP / well pressure control Separate move plan when; the MOU does not move by own main propulsion, or the MOU moves with its riser and BOP suspended. Negligence by anyone! (which has a duty to comply)

15 Result: Total Loss Total Loss can be claimed if repair costs exceeds 100% of insurable value. Total Loss compensation = Insurable Value When MOU is lost without prospect of being recovered, or so badly damaged that it cannot be repaired. Condemnation: Cost of repairing the MOU will amount to at least 80 % of the insurable value / market value. Total Loss compensation = Sum Insured

16 Result: Damage Error in design, faulty workmanship or faulty material exclusion. Completed parts same as under operation policy. For damage occurred and discovered onshore: No cover for costs incurred for saving time for temp. repairs or using (other) repairers No compensation for time lost whilst taking tenders not compensated. Error in design or faulty material exclusion for part/s which has not been approved by the classification society. Cover for costs incurred to save time. (20% rule) Compensation for time used to obtain tenders (in excess of 10 days).

17 Result Liability Supplementary cover: 1.Unsuccessful launching. 2.Removal of wreck and debris 3.Collision and striking liability. 4.Third party liability - personal injury/loss of life, loss of or damage to an object belonging to a, except for: Liability insurable under another CAR clause, covered under other liability insurance or solely based on contract. Loss recoverable through social benefit, pension schemes, insurances required under collective agreements or obligatory occupational injury insurance etc. Collision or striking liability.

18 Result: Loss of time Supplementary cover for delay in delivery: Same as LOH for MOUs under operation, when the MOU or parts thereof has been damaged. Damage to the MOU, and Stranded Physical obstruction (other than ice) Consequence of salvage or removal of damaged cargo Consequent of a general average event (YAR 1994)

19 Result: Deductible One deductible on claims for damage and claim under supplementary covers. Separate deductible for damage, loss of hire and collision liability. Ice damage deductible - if stipulated in the insurance contract.

20 Thank you!

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