Captive reviews & captive reinsurance programmes
The Price Forbes & Partners energy team has substantial experience of the development of captive insurance company solutions for operators and contractors. In depth reviews are carried out in respect of aggregate retention philosophy and loss scenarios to provide the most cost effective solution in the domicile of choice.
Contract analysis & review
Our technical insurance team analyses and reviews contract wordings which are in use between contractors and operators from an insurance perspective. We also regularly prepare documentation to meet the demands of mortgagees or other financial entities that are supporting our clients.
Insurance risk management
Price Forbes & Partners provides detailed risk surveys and information relevant to understanding and assessing both operational and project risks. A comprehensive risk register is compiled for each client, identifying all insurable and uninsurable risks and developing mitigating measures. From this, the team makes recommendations for risk reduction and help clients implement initiatives to minimise exposure or reduce premium (replacement contingencies). Not only does this assist clients in the implementation of risk management procedures based on best practices in the industry, but it also provides information for underwriters and conveys to them how seriously clients take risk management. When claims arise, Price Forbes & Partners also assists by providing technical support.
Price Forbes & Partners in-house engineer has extensive experience in all areas of risk engineering and is an accepted authority for both clients and within the underwriting community. Clients are assisted in quantifying their exposures and the estimated maximum losses from credible scenarios, such as fires, vapour cloud explosions and natural hazards, using proven techniques and models. This would include creating scenarios and assessing any possible business interruption losses. Clients are also advised on horizontal versus vertical risks and the application of a possible ‘first loss limit’. The team reviews control of well and third party liability exposures in order to assist with the setting of adequate policy limits for each risk.