An Interactive 5-Day Training Course
Understanding Energy Insurance
Construction, Erection, and Operational Risks
Course Overview
Risk and insurance aspects are components spelt out in energy project contract documents. In most energy projects, the contracts will carry specific clauses that spell out the need for insurances to be arranged for the project, equipment, and protection against third-party claims. Indemnity must be procured to protect the employer or client. Often the requirements of the necessary insurances are recorded in the Joint Operating Agreement (JOA) involving oil drilling activities. The projects can range from oil and gas exploration work, drilling activities, platform installation, and power generation schemes. These can be onshore or offshore; renewable energy projects like wind power units and solar farms are new developments that are already being implemented in various regions.
There are various risk aspects involved in an energy project implementation - some of these issues can be identified and managed, operational cover for energy production plants will also be addressed. Insurance is arranged to act as a risk transfer mechanism. Risk management can be used to reduce specific exposures on an energy project site, including perils like fire, explosion, collapse and even “design defects” or material/workmanship shortcomings. The basic principles of insurance will be addressed in this training course.
This GLOMACS Understanding Energy Insurance training course will highlight:
- The types of oil and gas risks and differences between erection / operational exposure
- Renewable energy and energy current industry trends
- How insurance is a risk transfer mechanism in energy project sectors
- The principles of insurance: What are they and appropriate examples
- The identification of trade risks
- Underwriting / Undercutting
Training Outline
DAY 1: Overview of the Energy Industry and Insurance Aspects
- Types of oil and gas risks and differences between erection/operational exposure
- Renewable energy and current trends in the industry
- World oil economics and shale gas as an alternative energy source
- Coal-fired & gas turbine plants
- Offshore risks and marine-related issues
- Explore the coverage provided by the various insurance covers
DAY 2: Understanding Energy Projects – Application of Construction and Erection Insurances
- Principles of insurance: What are they and appropriate examples?
- CAR or EAR: What are the differences?
- Discuss and identify trade risks
- Is it underwriting or just undercutting?
- How to affect the risk transfer mechanism?
- Challenges when there is an incident at an energy project site
DAY 3: Appreciating the Wordings Under Section I And II in the Policy
- Material damage and third-party liability aspects
- What are the concerns of the risk surveyor?
- Investigation - Why is the cause of failure very crucial?
- Role of the loss adjuster or loss assessor
- Dealing with third-party damage claims
- What is physical damage?
DAY 4: Operational Risks in the Energy Sector
- Property insurance: IAR/Fire policy coverage
- Offshore operating risks
- Business interruption insurance
- Third-party insurance: General & pollution liability
- Operator’s extra expenses insurance
- Offshore construction risks
- Considering the package policy
DAY 5: Handling Claims, Risk Management, and Recoveries
- Recovery (subrogation) is undertaken after the insurance company pays a claim
- How is loss adjustment undertaken?
- Application of policy excess or deductible
- Why is risk management critical in energy projects?
- Involvement in energy risks: Collapse, fire, explosion etc.
Certificates
- On successful completion of this training course, GLOMACS Certificate will be awarded to the delegates
- Continuing Professional Education credits (CPE) : In accordance with the standards of the National Registry of CPE Sponsor, one CPE credit is granted per 50 minutes of attendance
Accreditation
GLOMACS is registered with NASBA as a sponsor of Continuing Professional Education (CPE) on the National Registry of CPE Sponsors. NASBA have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.
All Training Seminars delivered by GLOMACS by default are eligible for CPE Credit.
Providers and Associations
About Saudi Glomacs
At Saudi GLOMACS, we specialize in delivering world-class training courses in Saudi Arabia and across various international locations. Our training courses are tailored to meet the unique demands of Saudi Vision 2030 and the Human Capability Development Program, focusing on empowering Saudi citizens and enhancing workforce skills. We offer diverse courses spanning leadership, management, engineering, and technical disciplines to cultivate expertise and drive professional growth. Our flexible learning options—whether in-person, online, or in-house—ensure accessibility and convenience for individuals and organizations alike.
With over 30+ years of experience through the GLOMACS global network, we are committed to delivering innovative, results-driven training solutions. Our expert instructors combine industry knowledge with dynamic teaching methods, fostering practical skill development and long-term career success. By choosing Saudi GLOMACS, you're investing in personal excellence and contributing to the Kingdom’s sustainable economic growth and vision-driven transformation.
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