In respect of our services which are reimbursable under the insurance policy the following is a useful guide:
Ensure that your insurance placement (cyber policy, property or casualty policy, etc) includes an engineering or survey allowance. Typical policy language is as follows :
“Engineering/Survey Allowance: Underwriters agree to allow up to 5% of the premium in respect of engineering/ survey fees for risk assessments, risk management services, cyber critical alert services and/or 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 and/or provide a cyber critical alert service using 'Tsunami Buoy' and/or provide other cyber risk awareness, management and quantification services"
D) Data – Example "Provide information and data analysis on historical losses or events"
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.