Often described as the most volatile of insurance classes, energy risks are among the largest and most complex risks in the global insurance market. The market has historically focused on oil and gas, comprising both upstream onshore and offshore production and extraction operations, along with downstream storage, refining, distribution, and power generation facilities, including increasingly new renewable energy technologies such as wind farms, solar, and hydro risks. In addition, energy insurance is used by exploration and production companies to protect their offshore fixed assets, as well as mobile drilling units. This includes fixed offshore drilling and accommodation facilities, pipe lines, subsea equipment, and loading buoys.
Our many years of experience investigating losses in this area allows us to approach engineering issues within an insurance context, all while maintaining a focus on the resumption of operations and how to minimise business interruption and loss of production income.
This combination of hands-on experience in the industry and our detailed knowledge and understanding of different insurance policies allows us to provide superior services that can be relied upon by insurers and loss adjusters. Our experts work diligently to accurately determine cause and to establish the nature and extent of physical damage to properties, both onshore and offshore.
For many years, our experts have worked hand in hand with all stakeholders involved to provide reliable engineering analysis that is used for risk assessment and management, loss investigation, and research into different reinstatement options.
Over the years, we have assisted (re)insurers, loss adjusters and operators in the energy sector in many ways, including:
- Investigation into the root cause of failure of turbines and other rotating machinery in power generation plants, including steam turbines in remote locations and gas turbines in large simple and combined cycle power plants
- Investigation of failures in petrochemical plants in many locations around the world
- Transmission and distribution of utilities in a number of countries that have relied on our expertise to conduct engineering risk surveys and to provide Risk Improvement Reports that listed recommendations to enhance the risk profile of substations in multiple locations
- Serving as expert witnesses providing evidence in court on behalf of transmission and distribution utilities in a number of countries around the world
- Investigating the root cause of accidents that involved electrocution and injury to workers in power plants and substations
- Carrying out forensic engineering investigations to determine the root cause of failure in several renewable energy plants, including solar PV parks, CSP (Concentrated Solar Power) plants, wind turbines, geothermal plants and WfE (Waste-to-Energy)
- Providing risk engineering analysis of LNG import terminal where we helped to identify engineering risks that can negatively affect the operation of the terminal
In addition, our experts have experience preparing reports for litigation while acting as an expert witness or party wall surveyor in instances where the courts have been involved.