Event Details
The key objective of this course is to empower professionals to—
- acquire detailed knowledge and information about energy insurance in the oil and gas industry
- make the right decisions when opting for insurance plans for one’s organization, thus protecting the organization with the appropriate cover
- devise, on the part of the insurer, suitable, customizable and useful insurance plans, thereby promoting insurance covers to organizations
- review, analyze, predict and cover all possible risks offshore and onshore through insurance to avoid financial losses to the organization
Content:
The course covers the following topics regarding energy insurance:
Broad Risks in Oil and Gas Industry
- Political risks
- Geological risks
- Price risks
- Supply and demand risks
- Cost risks
Types of Offshore Energy Risks
- Weather perils
- Marine perils
- Drilling perils
- Production perils
- Political risks
Types of Onshore Risks
- Property damage
- Boiler explosion/Machinery breakdown
- Business interruption
Risk Control Techniques
- Safety programs
- Security systems
- Fire suppression
- Construction material check
- Pre-employment screening
Benefits of Scale in Risk Management
- Diversification
- Financing
- Expertise
- Products
Risk Transfer Mechanisms
- Captives’ insurance companies
- Catastrophe bonds
- Derivatives
- Insurance
- Self-insurance
Challenges of the Energy Industry
- Dynamic business models
- Globalized environment
- Human capital management
- Climate change and environmental care
- Impact of new technology
Energy Insurance Placement in the Market
- Tender quotation
- Broker selection
- Lead underwriter selection
- Broker’s placing slip
- Line authorisation
- Closing and final signing
- Final policy wording
Adjustments by Insurance Buyers, Risk Intermediaries and Insurers
- Energy industry business requirement
- Current risk management methodologies
- Energy insurance market trading conditions
Important Aspects of an Insurance Policy
- Loss control
- Safety
- Claims management
- Financial analysis
Factors Affecting Insurance Costs in Oil and Gas
- Production level
- Operations size
- Payroll
- Storage type
- Management experience
- Resident state of operations
Various Coverage Options
- Umbrella liability
- Professional liability
- Inland marine liability
TRAINING METHODOLOGY
The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties
This course is available in the following locations:
Nigeria - $3000
Ghana - $6000
Rwanda - $7000
UK - $8000
USA - $8000