Optimizing Oil and Gas Insurance Coverages and Claims Recoveries
Purchasing insurance to protect assets against possible risks of accidents and damages has always been a major business concern in oil and gas industry.
- Level
- Intermediate
- Type
- Course
Trusted by Leading Companies
Our training programs are promoted to engineers, supervisors, and technical teams across the globe, supporting their continuous development and operational competency.
About Training
Purchasing insurance to protect assets against possible risks of accidents and damages has always been a major business concern in oil and gas industry. Buying the right insurance for your assets is important especially during the oil price crisis.
Our course is developed to help you learn the required skillsets in determining suitability of insurers and insurance, developing insurance strategy, and selecting the suitable insurance policies.
Course Design Focuses on Insurance Knowledge
This course provides knowledge on how to select the insurer and insurance policy by analysing the capability of each insurers .
Includes Specific and Practical Case Studies
Case examples on major industry loss such as Macondo well blowout will be discussed to prepare them from handling claims while maintaining good professional relationships with insurers .
You will also learn how to assess and manage the risks in order to develop an appropriate insurance strategy. In addition to that, you will also be able to understand how the asset valuation is being conducted to help you in developing the insurance strategy as well.
Training Objectives
Maximize Position
Develop insurance strategy that maximize your position by understanding company’s risk profile and available coverages in the market.
Avoid Claims Denial
Determine the suitability of insurers and insurance markets to avoid claims denial by analysing the security ratings and other indicators, underwriting capacity and market conditions.
Maximize Claims Recoveries and Minimize Delays
Understand and master claims procedures and handling to maximize the size and speed of claims recoveries and minimize the delays.
Audiences
- People involved in evaluating and handling oil and gas industry risks, drafting, procuring, negotiating, reviewing or underwriting insurance coverages.
- Beneficial to those who are involved in selecting brokers and insurers, negotiating risk allocation in commercial contracts, and insurance budget controlling.
Job Titles Include:
- Insurance Manager, Executive, Analyst
- Risk Manager, Analyst, Specialist, Advisor
- Legal Manager, Counsel, Advisor
- Contract Engineers
- Procurement Manager
- Contract Manager, Engineer, Analyst
- Finance Manager, Executive
- Commercial Manager
- Loss Adjustor and Surveyors
- Insurers and Reinsurers
Instructor
Paul A. Riches
A leading independent insurance & risk management consultant who has specialized in the oil & gas and marine industries for over 50 years. After a distinguished 34 year career with leading London market energy insurance & reinsurance broker Sedgwick (senior positions held included Managing Director, Sedgwick Energy Ltd; Claims Director, Sedgwick Offshore Resources Ltd; Technical Director, Sedgwick Global Energy & Chemicals) he has been a highly respected consultant since 1998 and worked for oil companies, contractors, financiers, re/insurers, lawyers and other parties.
Paul has provided expert testimony in several legal jurisdictions including personal appearances to give evidence in Courts & Arbitration forums in the UK, France, Norway, and the USA. Expert witness and dispute related tasks has involved high profile energy industry losses and insurance & reinsurance policies.
He operated as a broker at Lloyd’s and in the London and international insurance company markets and with Protection & Indemnity clubs for 30 years, and was an underwriting member of Lloyd’s 1985-90. He represented broking and client interests in various insurance market and industry energy & marine forums concerning coverage development, wordings drafting, claims issues and risk management matters. He has organized many offshore energy insurance courses and workshops and regularly contributed to publications and seminars.
He has been directly involved in the determination and negotiation of numerous major offshore energy losses in the North Sea, Gulf of Mexico, offshore Brazil, Africa, Australasia, India, and elsewhere. Paul is a recipient of the LECC Lifetime Achievement Award for his major contribution to the energy insurance industry. He has been a frequent speaker at prestigious conferences and training courses and was a member of the Organising Committee of the annual Lillehammer Energy Claims Conference (LECC) 2003-12.
Daily Aims
Day 1: Introduction to Insurance - Risks, Principles, Coverages & Market Analysis
- Oil and Gas Industry Risks
- Principles of Insurance
- Contractual Philosophies & Risk Allocation
- Insurance Policy Coverage, Terms and Conditions
- Operational Insurance Packages - An Overview
- Insurers and the Energy Insurance Market - Analysis
Day 2: Specialist Insurance Coverages and Major Loss Reviews
- Construction Insurance
- Operational Insurance
- Drilling Risks
- Asset Valuations
- Case Study - What have we learned from the Macondo Well/Deepwater Horizon Disaster?
- Major Industry Loss Experiences (Upstream and Downstream)
Day 3: Managing Insurance Claim and Tendering Process
- Claims
- Claims Workshop - Loss Scenario Analysis and Consideration of the Recoverability of Cost Elements under Policies.
- Liability Exposures and Pollution
- Tendering for Insurance Services
- Implications for Insurance of the Oil Price Crisis
Training Schedule
No upcoming session is scheduled yet. Send a quick inquiry and we will let you know the next date.
Why Choose This Training
Credibility
Align with API/ASME standards. Trusted by major operators.
Expert Instructors
Led by industry veterans with real field experience.
Real Case Studies
Practical application of concepts through real world scenarios.
Practical Skills
Hands on calculations and decision making for FFS outcomes.
Trusted by Operators
Delivered to Aramco, ADNOC, SABIC, and other major operators.
Global Training Standard
Recognized across major industries by PetroSync's proven approach.
Professional Training Aligned with Industry Standards
Practical, industry ready training designed for real work environments
Free Consultation Limited seats available
