12 Jan 2019

Insurance: Well packaged?

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When involved in the world of upstream offshore energy, whether on the company side or the contractor side, it goes without saying that cover for the associated risks should be properly considered. In practice, many ‘package’ policies are sold which combine all the elements of cover required into one convenient policy. However, the label ascribed to the policy will rarely be determinative and the make up of the policy can be a ‘complete Horlicks’. Care therefore needs to be taken to review the substance of the cover so as to ensure that it has been “Well Packaged”. This is especially the case where different parts of the ‘package’ interact with each other in order to determine coverage, and where the losses incurred could be high.

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