Offshore Oil or Gas Production Systems

Information Required

 

 

 

 

 

 

Answers to the following questions will supply the basic information which will enable to assess the nature of insurance required by the client and to formulate their marketing strategy prior to approaching Underwriters for a quotation. It is quite possible however that Underwriters may require additional information the nature of which would vary as to the type and geographical location of the structures.

 

•    Please give a brief description of each platform for which insurance is required. The information provided should state: -­

 

-   Whether the platform is constructed of steel or concrete;

-   If the platform is steel, whether it has been piled - and how many piles;

-   The principal function of the platform and a summary description of the facilities incorporated therein;

-   if the platform is a drilling platform, how many wells have been and/or are to be drilled therefrom and whether the rig used for drilling the wells is also to be insured under the policy - if so we would also need a description of the rig including the makers name, the model number, when it was built and the value to be insured;

-   The value of each platform to be insured sub-divided as far as possible between the basic structures and equipment installed thereon.

 

•    Please give a brief description of each pipeline or sea loading system which is to be insured under the policy including their values and in respect of pipelines.

 

-   The pipe diameter and wall thickness;

-   The length of the line;

-   Whether it is buried and if so to what depth;

-   The nature of the sea bed over the pipeline route;

-   The starting and finishing points for each pipeline.

 

•    Who constructed and installed the structures and pipelines for which insurance is required?

 

•    What are the landfalls of any pipelines to be insured under the policy and a definition of any demarcation point between this policy and any other policy covering an overland section of the pipeline? In this case the valuation provided for the purposes of this questionnaire should as far as possible relate to the section of pipe for which insurance is required, i.e. excluding the onshore section.

 

•    What is the approximate geographical location of the structure and where applicable the leaseback number and the name of the field?

 

•    What is the approximate depth of water at the location of each structure offshore and over the pipeline route?

 

•    Please state whether the field is producing gas only, or oil with or without associated gas.

 

•    what is the approximate well head pressure?

 

•    At what date were the structures and pipelines handed over to the Operators by the construction contractors?

 

•    Are the structures owned by more than one party? If so please specify the percentage

 

 

interest of the various co-venturers and state whether insurance is required for all co­venturers - i.e. for 100% of values.

 

•    Have the field structures been surveyed and approved by one of the recognized classification societies (e.g. Lloyds Register) whether acting on behalf of an appropriate government agency or otherwise.

 

•    If the operating risks on these structures have been previously insured elsewhere or have been run uninsured please provide details of any incidents which produced (or could have produced) a claim on All Risks insurance, with amounts of any claims paid or estimates of amounts which would have been paid or which are outstanding.

 

NB: In the event that insurance on these structures is intended to run consecutively from the termination of coverage under a construction risks policy Underwriters may stipulate that the values stated in the policy are not less than the total contract values for the construction, transportation and installation and hook-up of the structures at the offshore site. Conversely, if the structures have been operating for some time and whether or not they have been insured previously Underwriters may require evidence of valuation.

 

It should be noted that in its basic form the London Standard Platform form contains the following 100% Co-Insurance Clause:-

 

“The Assured shall maintain contributing insurance on terms on more restrictive than this insurance on the property insured hereunder of not less than 100% of the new reproductive cost less a reasonable depreciation. Failing to do so, the Assured shall be an insurer to the extent of such deficit and bear such proportionate part of any claim. If this insurance be divided into two or more items the foregoing conditions shall apply to each item separately.”