Marine Insurance for Offshore Oil & Gas
Specialist hull, liability and energy insurance for SA's emerging offshore oil and gas sector.
Overview
South Africa's offshore oil and gas sector is at an inflection point — TotalEnergies' discovery at the Brulpadda and Luiperd prospects in the Outeniqua Basin has confirmed world-class gas condensate resources, while the Northern Cape offshore blocks remain under active exploration. Offshore energy insurance is a specialist discipline distinct from standard commercial marine insurance, requiring underwriters with energy sector expertise. Key covers include Offshore Construction All-Risks (CAR) for platform and pipeline installation, Operator's Extra Expense (OEE/Control of Well), offshore hull for support vessels, and Operator's Comprehensive General Liability (CGL) for environmental and third-party exposures.
Key Risks
- Blowout and well control costs
- Environmental pollution liability
- Offshore construction delays
- Subsea equipment failure
- Weather and wave damage to installations
- Third-party collision with installations
Cover Available
- Offshore Construction All-Risks
- Operator's Extra Expense (well control)
- Environmental liability
- Offshore hull (OSVs)
- Third-party liability
- Business interruption