Press article: With an eye on the future
News & Insights 24 September 2014
Sarah Wallace, Claims Executive, looks at developments in offshore, meeting insurance needs both now and in the future
Sarah Wallace, Claims Executive, contributed an article to the September edition of Maritime Risk International, looking at developments in the offshore industry and meeting the specific insurance needs both now and in the future.
The Standard Club has been providing P&I cover for offshore operators’ third party liabilities since oil exploration started in the North Sea in the 1970s. During that time the industry has made extraordinary advances as it searches for oil and gas in ever more challenging environments, tackles the tricky issue of decommissioning and pushes the boundaries in the area of alternative energy.
The club covers many different types of operations – FPSOs, drilling rigs, salvage, supply boats, offshore construction vessels, heavy lift ships, wind farm installation ships and other ships carrying out a wide range of specialist operations. Each year we see new technological developments, and larger and more complex units and projects, which stretch the resources of the oil companies to fund and develop.
The article looks at some of the technical, contractual and P&I issues arising out of these advances in technology.
The full article is available on the Maritime Risk International website (to view the article you have to be a paid up subscriber).