SPECIALIST INSURANCE SERVICES

Transcription

1 SPECIALIST INSURANCE SERVICES energy

2 contents about us...5 our approach...6 five steps to service delivery...8 upstream & Mid-stream operations...13 downstream operations...14 claims...15 other services...16 markets...18 contact us

3 about us At Price Forbes & Partners we propose innovative solutions for our clients based on specific requirements Price Forbes & Partners has the capability and proven expertise to provide comprehensive insurance and risk engineering services to all levels of companies operating within the energy sector. We create competitive solutions for our clients to protect against risks inherent in the business. Our highly experienced energy team has the commitment and diversity to structure and enhance the value of insurance products which are available from the London and international insurance markets. The global energy business is made up of many diverse industries and we expect our clients to have specific requirements for their insurance and risk management needs. At Price Forbes & Partners we propose innovative solutions for our clients (whether private, public, national or multinational) based on their requirements. We provide a bespoke service rather than a standard service routinely offered by some competitors. When servicing our clients appropriate and accurate documentation and accounting is a priority for our team, and we have integrated technical and processing staff within our London office. Claims negotiation and settlement are also handled within the team; this ensures that our clients claims, from first advice to final collection, are handled in an intelligent and sensitive way to achieve optimum recovery of valid claims in a timely basis. At Price Forbes & Partners we believe that by having all our broking and support divisions in one location and not outsourcing any of our back-office administration, we ensure that our service to our clients runs effectively and smoothly. We have an ethos of transparency and sharing insurance knowledge with our clients and international partners alike. To offer greater understanding of insurance for clients, our team develops specific risk management and training programmes on a regular basis..5

4 our approach Each and every client is placed at the centre of the Price Forbes & Partners business, regardless of the size of the account. Value is added to the process of purchasing insurance through the consistent delivery of a high level of service. Key to this is: Communication Both client executives and brokers keep clients appraised of progress and developments. Team-based approach Price Forbes & Partners maintains a strong, team-based approach to all placements and claims negotiations, which ensures the maximum depth and breadth of expertise. Marketing discipline A disciplined and consistent approach ensures a long standing relationship with insurers in the London, European, Bermudian and international markets, which continue to deliver the results that clients demand. Independence Price Forbes & Partners independence, combined with a flat management structure, gives clients the advantage of dealing with brokers who take a genuinely bespoke approach to each risk, and importantly, are responsive. Transparency Transparency and integrity are core values in the Price Forbes & Partners business and the Financial Service Authority (FSA) principles are strictly adhered to..6

5 five steps to service delivery Price Forbes & Partners believes in the traditional principles of a truly innovative broking service: recognising that every client is different, every risk is different and treating every programme as a one-off. Price Forbes & Partners operates a five step process to service delivery: 1. Risk assessment & strategy development Price Forbes & Partners works to understand each client s needs and risk appetite. Every submission is analysed, highlighting areas where clients can achieve cost reductions, service and coverage improvements. Excellent relationships with the markets enables Price Forbes & Partners to anticipate how best to address the risks to achieve clients goals Tailored programme design No one client is the same and Price Forbes & Partners aims to tailor programmes to achieve the broadest coverage and most competitive terms. 3. Risk placement Extensive market knowledge and in-depth relationships with underwriters in London, Europe, Bermuda and internationally allow Price Forbes & Partners to canvas the world s markets to get the optimum terms. 5 5STEPS TO SER VICE DELIVERY 2 Price Forbes & Partners builds partnerships between clients and underwriters to facilitate the discussion of business and risk profiles. Open engagement creates a long term relationship and mutual appreciation. 4. Policy delivery Expert policy technicians draft and negotiate policies to ensure that clients obtain the broadest coverage available. Price Forbes & Partners fully supports, and has actively embraced, the market s move to achieve contract certainty Claims negotiation Price Forbes & Partners maintains that an insurance broker s service should be judged by the quality of its claims handling. The highest possible standards of service are provided throughout the claims process..8.9

6 Price Forbes & Partners believes in the traditional principles of a truly innovative broking service......recognising that each client is unique, all risks are different and every solution a one-off.

7 upstream & mid-stream operations We provide the full spectrum of services required by companies operating within the upstream energy sector, from initial exploration, through development and construction phases, to full production, including distribution and storage. Package policies or monoline placements are arranged to provide protection against major risks, such as: We provide the full spectrum of services required by companies operating within the upstream energy sector Physical loss or damage in respect of all upstream assets, including offshore oil and gas platforms; mobile offshore drilling units, such as semi submersibles; jack up and drillships; contractor owned floating units, such as FPSOs; on and offshore pipelines; cables and umbilicals; subsea and floating production systems; onshore plants and property, jetties, terminals and storage facilities. Construction of all upstream facilities including major offshore developments and related onshore facilities. Oilfield services, land rigs and associated equipment and liabilities. Pipelaying, associated service vessels, seismic vessels and equipment, as well as onshore seismic crews. Specialist construction units. Control of well, seepage & pollution, redrilling expenses and related additional coverages for all wells. Including oil, gas, water & gas injection and geothermal: whether during the course of exploration, development or appraisal, whilst being drilled, worked over, partial completion, in production, shut in, or abandoned. Financial risks, for example business interruption and contingent business interruption. Loss of production, advance loss of profits, delay in start up and loss of hire. Third party and contractual liability in respect of all phases associated with the exploration and production cycle, including Protection and Indemnity (and Employers Liability/Maritime Employers Liability) and pollution coverages. Machinery and electrical breakdown. Political violence, including terrorism..13

8 downstream operations claims Price Forbes & Partners provides comprehensive insurance programmes for a wide range of hydrocarbon processing, refining, storage and petrochemical activities for our clients, including: All risks physical loss or damage in respect of insured assets. Machinery and electrical breakdown. Transportation and storage. Business interruption and contingent business interruption. Third party and contractual liabilities. Political violence, including terrorism. In addition, Price Forbes & Partners has a well developed portfolio of power, utility, nuclear and onshore construction business, as well as expertise in the renewable energy field. The energy division works closely with all other operating divisions of Price Forbes & Partners to develop markets and new products for our clients. We maintain that an insurance broker s service should be judged by the quality of its claims handling. We employ a seamless approach to claims handling, claims are managed by the dedicated energy specialists, who work alongside the broking team that assisted with your original insurance placement. We provide the highest possible standards of service for all our clients losses, starting with the simplest incident right the way through to the most complex of circumstances. In addition to negotiating with underwriters and adjusters, we can also provide coverage analysis and strategy reviews to achieve the optimum settlement in the shortest possible time frame. Our clients receive the same level of focussed commitment and expertise when the policy is called upon to respond as they did when it was first purchased, with our claims team working hand in glove with us

9 other services Insurance Risk Management Price Forbes & Partners provides detailed risk surveys and information relevant to understanding and assessing both operational and project risks. We compile a comprehensive risk register for each client, identifying all insurable and uninsurable risks and developing mitigating measures. From this we make recommendations for risk reduction and help our clients implement initiatives to minimise exposure or reduce premium (replacement contingencies). Not only does this assist clients in the implementation of risk management procedures based on best practices in the industry, but it also provides information for underwriters and conveys to them how seriously our clients take risk management. When claims arise, we also assist by providing technical support. Contract Analysis and Review Our technical insurance team analyses and reviews contract wordings which are in use between contractors and operators from an insurance perspective. We also regularly prepare documentation to meet the demands of banks mortgagees or other financial entities that support our clients. Training Courses The Price Forbes & Partners energy division arranges training courses for a range of differing insurance interests and abilities and a week-long general energy insurance course is held annually. Risk Engineering Our in-house engineer has extensive experience in all areas of risk engineering and is an accepted authority both for our clients, and within the underwriting community. We assist our clients in quantifying their exposures and the estimated maximum losses from credible scenarios, such as fires, vapour cloud explosions and natural hazards, using proven techniques and models. This would include creating scenarios and assessing any possible business interruption losses. We also advise on horizontal versus vertical risks and the application of a possible first loss limit. We review Control of Well and Third Party Liability exposures in order to assist with the setting of adequate policy limits for each risk. Captive Reviews and Captive Reinsurance Programmes The Price Forbes & Partners energy team has substantial experience of the development of captive insurance company solutions for operators and contractors. In-depth reviews are carried out in respect of aggregate retention philosophy and loss scenarios to provide the most cost effective solution in the domicile of choice

10 markets Price Forbes & Partners is a Lloyd s broker, facilitating the placement of business with the traditional syndicates at Lloyd s. We also market to the wider London underwriting community, which includes the major international underwriting companies, where key underwriting decisions and expertise are within the City of London. Our relationships with underwriters, and our office location within close proximity to the key London markets, including Lloyd s, enable us to obtain prompt responses to customer enquiries and to develop insurance covers and facilities that support our clients businesses. Furthermore, we have access to the wider international and emerging underwriting markets of the world and work closely with those that can provide an adequate level of service and first class security, to the standard required by our international clients. contact us We would like to hear from you:- energyteam@priceforbes.com +44 (0)

11 PRICE FORBES & PARTNERS LIMITED 2 Minster Court Mincing Lane London EC3R 7PD United Kingdom T: +44 (0) E: energyteam@priceforbes.com Prepared by Price Forbes & Partners Limited 2 Minster Court, Mincing Lane, London EC3R 7PD Copyright Price Forbes & Partners Limited 2011 Registered in England number Registered office as above Price Forbes & Partners Limited is a Lloyd s Broker and authorised and regulated by the Financial Services Authority PFP082 08/11 Designed and produced by Green Shoots Communications Ltd.