Who needs energy Insurance?
Any business operating in the energy sector, whether local or international.
who needs energy Insurance?
The energy sector (Oil & Gas) accounts for:
Any company undertaking work within the Oil Sector will need to have insurance cover in place – not least to comply with the Ministry of Oil, Local State Owned Oil Company and Main Field Operator contract terms and conditions.
At Almaseer, It doesn’t matter whether you are a global operator undertaking exploration, production or service contracts or a local /contractor undertaking a fencing contract he policies we issue be they Casualty, Energy Material damage and Operators Extra Expense, Erection and Construction All Risks are designed to be compliant with Oil Operator and State contract terms and conditions.
Whilst Oil and Gas accounts for the vast majority of energy Insurance requirements within Iraq there has been a move to explore Renewable Energy sources and Almaseer are able to offer specific and tailored cover for Renewable Energy Projects, both Solar and Wind .
Often when people think industry within Iraq the Energy Sector is the first that springs to mind. Oil and Gas exploration and production, are intrinsic to the Iraqi economy and a huge proportion of Iraqi businesses touch this sector both directly and indirectly.
At Almaseer we can help you with your insurance requirements whether you a Multinational operating in the :
Or a Service, contracting or Maintenance Company / Individual providing ancillary services to all the above including Construction, Drilling, Rig Operation, Surveys, Transportation, Plant hire, Plant maintenance etc.
Please check out the key facts details in order to find the information and technical details you need to know about your insurance.
Quotations and Indications
Whilst we will undertake to provide a quotation or indication if requested for business presented to us, we cannot make any promise or guarantee that we can provide a quotation or indication.
Where we do provide a Quotation or Indication it will be ‘open’ for a number of days during which it can be bound. If cover is requested after this time has expired there is no guarantee that:
- Terms will be the same as originally indicated
- We will be able to provide a quotation or indication
We may therefore have to requote the risk and additional information may need to be supplied.
Where we have indicated that the cover is ‘Subject to’ a number of items either being provided or completed prior to issuing the policy and going on cover. These must be completed and confirmed acceptable by us in writing before we can issue coverage or where we have waived them this will only be if we have confirmed the waiver in writing.
The Financial Services Sector has strict rules in respect of Sanctions and Money laundering. By supplying us with the information we have requested we are able to run sanctions checks for sanctioned companies and individuals. We must do this to comply with Iraqi Government and Global Sanctions legislation. Our reinsurers, when reinsurance is purchased also request the same information about you from us which is another reason we request it as without this we would be unable to obtain reinsurance and therefore be unable to offer you cover.
Occasionally we will request further information to assist in sanctions checks. This is not unusual as many people and sometimes companies, share the same name as an individual or entity appearing on a sanctions list. The additional information assists in making sure the correct entity or Individual is approved or rejected.
The contract along with the Statement of Work and if available Project Plan, provides us with information as to what you are doing. This information is key to the underwriting process and will normally contain the Material Information that you have a duty to disclose to us. We are sometimes within the contract asked to assume ‘Liability assumed under Contract’ and/or ‘Cross Liabilities’, and to do this we have to have sight of the contract to understand exactly what risk is being transferred from you to us as your insurer and in turn for us to transfer the risk to reinsurers.
We understand this which is why we are prepared to sign non-disclosure agreements which make it clear what we do with your data and who has sight of it. If you are still reticent about supplying the contract Contact Us to see what we are able to do.
Yes. As a fully licenced Insurance and Reinsurance company we are regulated by the Iraqi Diwan who annually renew our licence. All Insurance/Reinsurance companies and Brokers (Insurance and Reinsurance) who state they are regulated in Iraq are issued a licence which is renewed on an annual basis with a licence confirmation for the current year issued.
We accept a number of currencies these being Iraqi Dinar (IQD), US Dollar (USD) and Euro. We do not accept other currencies for Premium Payment.
No, we do not accept crypto currencies of any sort for payment.
All our policies contain the following which makes it clear how your data is utilised by us and others:
"How we use your information:
The information supplied to us by you may be held on computer and passed to other insurers and reinsurers for underwriting and claims purposes.
We may use your information for underwriting and claims purposes, statistical analysis, management information, market research, audits on the handling of claims, systems integrity testing and risk management.
We will only share your information as described in this notice or where we are required or allowed to do so by law.
We may record or monitor telephone calls for security and regulatory purposes.”
In certain claims circumstances we use standard industry protocols which enable us to provide ‘sanitised’ data where the claimants details are removed so as not to make the individual person identifiable.
We do not release or share information except under the circumstances shown above.
Related Sector FAQs
We can offer a range of cover to meet the insurance needs for a renewable energy company or project either starting up or with completed operations in Iraq. Click on the ‘Renewable Energy Tab’ for specific information or Contact us for more information.
Provided we have enough information about the risk which needs to include the project specification and any relevant financial information we can sometimes, but not always provide a Very rough Indication of costs.
This is not a quotation, is non binding and to confirm a bindable figure is subject to all underwriting information being supplied.
Where we are being asked to offer a VRI or with full information a Quotation, for projects that may not start for a considerable period we cannot commit pricing as reinsurance rates can and do fluctuate in Iraq due to the current regional geopolitical issues.
It depends on many factors including the class of business, sector the Insured operate in, financial security requirements. We use recognised reinsurance markets to provide our capacity which would normally be S&P A- or equivalent or higher.
Yes, we can and do arrange surveys of risks that we cover. Our survey partners provide survey services throughout the MENA and wider region for both the petrochemical and retail sectors to Internationally acceptable standards. Contact us to discuss your survey requirements.
A claims experience is important integral part of the underwriting process. One of the misconceptions is that by not supplying the claims experience you will get better terms. The opposite is true as with no claims experience, we and our reinsurers must rely on industry standard data and will always err on the side of caution regarding rating. Or in certain circumstances will be unable to provide terms or go on cover without a confirmed experience being produced.
Insurance can be complicated to arrange correctly in line with contract terms and conditions, we will often need to talk to our reinsurers many of whom are in different time zones and have different working weeks.
We also need to assess the data supplied, ask questions for additional/clarification of information if required and for some specific classes with high claims frequency have an actual model run. We cannot do these in a 24-48 hour period and provide anything like our best terms.
Larger more complex risk will usually require a minimum of 14 days produce terms, preferably longer for more complex risks. In this time period - we have to raise questions, you to supply answers, potentially obtain a survey if one is required, contact reinsurers, obtain and assess their terms in line with our requirements and that of the contract, prepare the quotation and answer any items raised in the RFQ, then finally present terms.