Subsea construction insurance has become increasingly difficult to obtain, even for projects with modest budgets necessitating adapting to new risks and realities, writes JOSEPH INOKOTONG.
THE offshore oil and gas industry has continued to evolve, so do the risks and complexities associated with insuring these projects.
Navigating offshore insurance in the light of new risks and realities requires a comprehensive approach. Some of the strategies to consider include risk assessment, regulatory compliance and specialty insurance. There is need to conduct thorough risk assessments to identify potential exposures, such as natural disasters, cyber-attacks, or supply chain disruptions.
Staying up-to-date with evolving regulations, such as those related to climate change, data privacy, or sanctions, and exploring specialized insurance products, like political risk insurance or environmental liability insurance are needed.
Additionally, capacity building should be a requirement…