|Scope||The company is seeking interested and pre-qualified contractors for the provision of Insurance Services, as
detailed in item 2 below. The contract duration is two (2) years with an option to extend for one (1) additional year.
This Scope of Services will cover the provision of Insurance Services (Energy Insurance Package) for its oil assets associated. The Energy Insurance Package will cover all risk of physical loss or damage to operational assets, Operators Extra Expenses and General third party liability arising from its operations. The Insurer shall retain a percentage of the risk in Nigeria and re-insure the excess capacity with a leading foreign underwriter with A+ rating by S & P. The insurer will liaise with the jointly appointed re-insurance Broker for the purpose of reinsurance with the foreign underwriter. The Insurer shall retain 70% of the risk in Nigeria.
As a minimum requirement, the selected Insurer shall have the necessary experience, capability and shall be fully responsible for policy documentation, renewals, endorsement, claims etc.