|Scope||The company invites interested and reputable indigenous qualified Insurers with a proven track record and suitable and relevant experience in this specific business to tender and apply for consideration to tender for the Provision of an Operational Insurance Package Policy for the field including the FPSO.
This Operational Package Insurance Policy would cover risks of Property Damage (PD), Operators Extra Expense (OEE), Transport, Storage & Utilization (TSU), Third Party Liability (TPL) and Minor Construction Works (MW). The Insurer shall retain a percentage of the risk in the country up to the maximum available retention capacity and re-insure the balance of the capacity with Foreign Underwriters through a competent Foreign Reinsurance Broker in line with the laws of the country. This Insurer will also handle all claim services, endorsements, policy documentation, etc. The estimated commencement date of services shall be Q4, 2012. Contract duration is estimated at two (2) years firm with a one (1) year option of extension at company’s sole discretion.