Offshore construction all risks insurance provides specialized protection for marine construction projects. It is primarily applied for oil and gas development projects during the exploration and development of continental shelf, underwater/subsea infrastructure, and mobile and fixed drilling and production platforms. The policy covers losses arising during the construction, installation and commissioning of oil/gas and marine infrastructure facilities.
The policy covers risks throughout every stage of the project, from the delivery of materials and equipment till the completion of maintenance and warranty obligations, including fabrication at shipyards, transportation to the offshore site, installation and commissioning.
About the Service
Purpose of Cover
- Protection of the financial interests of companies during the construction and installation of offshore facilities
- Coverage of risks throughout every stage of the project, from the delivery of materials and equipment through to the completion of post-commissioning warranty obligations, including fabrication at shipyards, transportation to the offshore site, installation and commissioning
Insured Events
- Property damage and third-party liability arising from occurrences not expressly excluded under the policy wording, including occurrences caused by weather and marine conditions, installation or design errors
Scope of Indemnity
Includes, but is not limited to:- Physical loss of or damage to the insured project, and additional expenses incurred as a result and/or in connection with the occurrence covered by the policy
- Third-party liability
