Upon completion of this training course, participants will be well-equipped to significantly enhance the adoption of best practices in learning within their organization, particularly by:

1. Acquiring knowledge on the structuring and underwriting of insurance coverage for energy projects.
2. Understanding the considerations that underwriters prioritize when evaluating different risks associated with energy ventures.
3. Incorporating risk management strategies at various stages of project implementation and beyond.
4. Recognizing and comprehending the dynamics of the risk transfer process.
5. Emphasizing the crucial elements of distinct insurance policies and their activation triggers.
6. Facilitating discussions and applying these industry best practices in practical scenarios.

This training course, “Understanding Energy Insurance,” will leverage a diverse range of effective adult learning methodologies to ensure optimal comprehension, retention, and application of the information conveyed over the course of five days. Active-learning approaches, group discussions, and quizzes will be employed to enrich the training sessions. Delegates will engage with challenging case studies featuring real-world energy project scenarios, guided by the facilitator to derive practical solutions. A comprehensive grasp of the coverage outlined in various energy operational risks is crucial for a thorough understanding of this subject.

Furthermore, participants are encouraged to contribute their own experiences in dealing with energy projects, site work, and design experiences to the class, fostering additional review and group discussions. The dynamic exchange of insights within the class will contribute to an engaging and enriching learning experience.

Day 1: Overview of Energy Industry and Insurance Considerations

• Exploration of the Energy Industry and Insurance Aspects
• Differentiation of oil and gas risks with a focus on erection/operational exposure variances
• Examination of Renewable Energy and Current Industry Trends
• Analysis of World Oil Economics and Shale Gas as an Alternative Energy Source
• Evaluation of Coal-fired & Gas Turbine Plants
• Delving into Offshore Risks and Marine-related Issues
• Exploration of Coverage Offered by Various Insurance Policies

Day 2: Understanding Energy Projects – Application of Construction and Erection Insurances

• Explanation of Principles of Insurance with Relevant Examples
• Comparison and Contrast of CAR (Construction All Risks) and EAR (Erection All Risks)
• Identification and Discussion of Trade Risks
• Exploration of Underwriting Practices and Risk Transfer Mechanisms
• Addressing Challenges Arising from Incidents at Energy Project Sites

Day 3: Appreciating the Policy Wordings Under Sections I and II

• Examination of Material Damage and Third-party Liability Aspects
• Understanding the Concerns of Risk Surveyors
• Importance of Investigating the Cause of Failure
• Role of Loss Adjusters or Loss Assessors
• Handling Third-party Damage Claims
• Definition and Consideration of Physical Damage

Day 4: Operational Risks in the Energy Sector

• Exploration of Property Insurance: IAR/Fire Policy Coverage
• Assessment of Offshore Operating Risks
• Understanding Business Interruption Insurance
• Consideration of Third-party Insurance: General & Pollution Liability
• Exploration of Operator’s Extra Expenses Insurance
• Analysis of Offshore Construction Risks
• Evaluation of Package Policy Considerations

Day 5: Handling Claims, Risk Management, and Recoveries

• Explanation of Recovery (Subrogation) Post-Claim Payment by Insurance Companies
• Understanding the Process of Loss Adjustment
• Application of Policy Excess or Deductible
• Emphasizing the Critical Role of Risk Management in Energy Projects
• Involvement in Energy Risks: Collapse, Fire, Explosion, etc.