Offshore and Specialist Vessels
A dedicated team of experts located in London and Hong Kong offer extensions of cover for Members and Assureds operating offshore and other specialist vessels.
Our team draws on both external insurance and industry experience as well as knowledge integral to our London and Hong Kong offices and comprises experts with legal, technical, loss prevention and claims expertise. Please see details of our specialist team here.
Most standard risks are insured under our P&I rules or fixed premium terms but additional covers are offered to owners, operators and charterers when engaged in more specialist activities. This might include moving project cargo or constructing, maintaining and servicing offshore facilities such as windfarms or oil & gas installations. An example might involve a windfarm installation platform accidentally damaging an offshore asset (other than contract works) during installation. In some circumstances this would fall outside standard P&I insurance but be covered by our specialist operations extension.
Because offshore or specialist vessel activities present unique challenges, at the outset of a project, our contract review lawyers in London and Hong Kong can work with the Assured to identify any potential risks that fall outside of our standard P&I cover. Our Underwriters will then advise on and arrange extended cover to manage the additional risk.
Our experience in this sector includes offshore oil and gas installations as well as renewable energy projects in Europe and Asia. We are particularly strong in China where the offshore construction industry and growing renewables sector forms a fundamental part of China’s Belt and Road Initiative.
Our additional covers include heavy lift, dredging, towage, and offshore construction, maintenance and supply and can include:
- liabilities arising from specialist trades, including works such as exploration, maintenance and repair, subsea construction, dredging, blasting, pile-driving, cable or pipe-laying; and,
- contractual liabilities which fall outside standard P&I cover. Such enhanced liabilities and indemnities often arise in trading agreements and contract terms in specialist projects/trades that for commercial reasons end up falling on Members/Assureds, for example, waiver of rights to limit, contractual wreck removal, materially amended knock-for-knock provisions in supply, heavy lift and towage contracts, as well as project cargo related liabilities.
As each project tends to be unique, cover is tailored to the individual needs of the owner or operator. Bespoke cover is also offered for mobile offshore units such as FSRUs and FPSOs.
The terms and limits of extended cover are tailored to our Member/Assured’s particular requirements.
Additionally, a summary of our covers for vessels operating in the marine construction, windfarm installation and offshore maintenance sectors can be see here.
More information can be obtained by emailing our underwriting team at: [email protected] or by contacting a member of our specialist team.
Related pages:-