Ensure that your energy insurance placement (package policy, stand-alone property policy, OEE policy, etc) includes an engineering allowance. Typical language is as follows :
“Engineering Allowance: Underwriters agree to allow up to 5% of the premium in respect of engineering fees for risk assessments and risk management services including Asset Integrity Reports, Cyber Risk Assessments, Well Plan Reviews, Rig Stacking Verification Reports, Recommissioning Surveys and as may be agreed. Scope of work to be determined by leading underwriter in association with SIS Risk Management Limited.”
Broker and/or insured to contact SIS and select from menu list/narrow down exact scope of work required from each area of expertise:
A) Wells – Example "Review high pressure, high temperature well being drilled in xyz"
B) Property – Example "Perform asset integrity/ PSE analysis on defined assets in xyz"
C) Cyber – Example " Conduct a corporate wide/asset specific Cyber Risk Assessment"
D) Data – Example "Provide information and data analysis on historical losses in defined areas and provide well offset data for xyz area"
E) Other – Identify other engineering support services which would be beneficial to the risk being insured.
Once steps 1 and 2 are completed the project will be in SIS’ hands. We target to complete all work within 30-45 days of work scope finalization/receipt of information and collection of funds from underwriters.