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Cites:

Information Journal Paper

Title

Application of Umbrella Insurance Agreements to Cover the Risks of Upstream Oil and Gas Operations

Pages

  159-185

Abstract

 Objective: Achieving the results of upstream oil and gas operations in order to attract international investment is essentially possible by preventing or fully covering the Risks posed by them, and to ensure this, several Insurance methods have been used so far. Umbrella Insurance agreement is one of the new innovations whose applications in the Iranian legal system have remained unknown. Hence, the purpose of this article is to identify this Insurance method. Methodology: The authors have used the library method and reviewed sample agreements provided by some international Insurance companies as well as similar Insurance contracts. Findings: Spending less time, paying lower premiums, conducting more negotiated negotiations, less contractual disputes, more flexibility in inserting Insurance coverage and, most importantly, the ability to extend it to employers, major contractors and subcontractors involved in a project are some of the advantages of umbrella Insurance agreements in upstream oil and gas projects. Conclusions: Umbrella Insurance agreements are able to cover the Risks of all upstream oil and gas phases, including exploration, evaluation, development and production. Also, this kind of agreements can provide suitable Insurance coverage under a single agreement for Risks such as oil leakage from wells, eruptions, loss of drilling mud, clogging of drilling tools in wells, breaking of wall pipes, damage to equipment during transfer to offshore areas, damage to production and extraction equipment, infliction of casualties and financial damage to third parties, environmental pollution, suspension and delays in operations, damage to maritime cargo and the like, which reveals the need for immediate adoption of this Insurance method in upstream oil and gas operations.

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    • Cite

    APA: Copy

    NORY YOSHANLOEY, JAFAR, & Vojgani, Hourieh. (2020). Application of Umbrella Insurance Agreements to Cover the Risks of Upstream Oil and Gas Operations. IRANIAN JOURNAL OF INSURANCE RESEARCH (SANAAT-E-BIMEH), 35(1 ), 159-185. SID. https://sid.ir/paper/383550/en

    Vancouver: Copy

    NORY YOSHANLOEY JAFAR, Vojgani Hourieh. Application of Umbrella Insurance Agreements to Cover the Risks of Upstream Oil and Gas Operations. IRANIAN JOURNAL OF INSURANCE RESEARCH (SANAAT-E-BIMEH)[Internet]. 2020;35(1 ):159-185. Available from: https://sid.ir/paper/383550/en

    IEEE: Copy

    JAFAR NORY YOSHANLOEY, and Hourieh Vojgani, “Application of Umbrella Insurance Agreements to Cover the Risks of Upstream Oil and Gas Operations,” IRANIAN JOURNAL OF INSURANCE RESEARCH (SANAAT-E-BIMEH), vol. 35, no. 1 , pp. 159–185, 2020, [Online]. Available: https://sid.ir/paper/383550/en

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