Energy: Upstream Oil and Gas Insurance - Searchlight Insurance Training

Energy: Upstream Oil and Gas Insurance

This workshop requires no prior knowledge of the Oil & Gas sector or related insurances.

It gives an overview of the Exploration, Development and Production phases of an oil/gas reservoir and the related risks for Oil Companies & Contractors and insurances available.

The module is useful for those beginning a career in upstream energy insurance and those requiring a broad understanding of the principles and practices.


Duration: 1 day(s) CII CPD Hours: 6


Provide an understanding of:

a) how an oil/gas field is determined to be viable, then developed & exploited;
b) the installations, units, equipment and processes employed; and
c) the related risks.

Explain the need and drivers for specialist insurances for oil companies, contractors and financiers.

Understand the various contractual responsibilities and relationships during the Exploration, Development and Production phases.

Explain the nature of the London and international insurance markets for oil/gas sector risks and their placing.

Understand the specialist property, liability and financial coverages available for drilling, construction, installation, production, etc.

Understand the main underwriting considerations and legal aspects.


  • Illustrated overview of offshore oil & gas installations, drilling units, craft, equipment, methods & processes (seismic, drilling, fabrication & installation) and the various risks arising throughout exploration, development and production¬† (including some downstream activities).
  • A review of typical legal and contractual obligations of the parties.
  • A brief history of oil & gas insurance, its notable drivers and the current insurance needs of the field operator, its co-venturers and contractors.
  • An overview of the London and international Energy Insurance Markets.
  • An outline of the coverages offered by the markets for property, liability, drilling, pollution and financial risks.
  • How risks are placed and underwritten and the role of agents and brokers.
  • Claims experiences & lessons learned.