Post on 13-Apr-2017
transcript
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DOING BUSINESS IN MYANMAR
RISK AND INSURANCE, WHAT POWER & UTILITIES COMPANIES NEED TO KNOW
Oliver Massmann – Partner, General Director
www.duanemorris.com 2
POWER IN FOCUS
― Over 345,000 MW of Power placed globally
― Power and Utility clients in over 27 countries
― Broker for 5 of the top 20 Power Generation companies (in megawatt
capacity)
― Power focused risk engineers supporting best practice and placements
― Placements for Property Damage and Business Interruption with total asset
values exceeding USD 340bn
― Experienced in placing all types of conventional power generation from Hydro
to Combined Cycle Turbines projects
― Centre of Excellence in Singapore
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Establishing the baseline - Risk Analytics
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Willis Energy Loss Database (WELD)
Gas Turbine Loss History
WELD is an industry loss database not an insurance database
Records ground-up loss of $1,000,000 or more at the time of
loss.
WELD contains over 10,000 incidents from past three
decades (1,400 power plant related)
100 specifically identified as originating from and impacting
gas turbines.
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Power sector losses trending at USD 2 to 3.0 billion per year.
Power Sector Loss History
Ref: Willis Energy Loss Database
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Average Major Power sector loss trending at USD 15 to 25 million per incident
Power Sector Loss History
Ref: Willis Energy Loss Database
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Majority of incidents impact Core
Systems – Turbines, Generators &
Transformers
„Structures‟ significant originating item
Power Sector Loss History 2010-14
Ref: Willis Energy Loss Database
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Positive Claims record for construction risk for a number of years
Only 4 CAR losses/2 T&C losses
Largest average CAR loss is Faulty Design – focus upon proven nature of GT
Fire (no explosion) causes the highest average losses during CAR & T&C
| 8
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
Faulty design Mechanicalfailure
Average Indexed CAR Losses US$
Average Indexed US$
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
18,000,000
Faulty design Mechanicalfailure Fire no explosion
Average Indexed CAR & T/C Losses US$
Average Indexed US$
Gas Turbine Plant Loss History
Ref: Willis Energy Loss Database
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Typical Development Insurances
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RISK IDENTIFICATION
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CONTRACTUAL RISK MANAGEMENT
Review of all project contracts :
Power Purchase Agreement
Fuel Supply Agreements
EPC Contract
O&M Contract
Long Term Service Contract
Project Financing Documents
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ASSESSMENT OF CONTRACTUAL RISK
Benefits:
• Clear visual risk delineation between phases and contracts
• All contract related insurances assessed concurrently across entire plant life cycle
• All risks and obligations aggregated into design of overall insurance program
• Clarity on insurance responsibility and avoidance of duplication in insurance costs
Pre-CAR Inception Post CAR Inception
Contract for Provision of a Technology Package for LNG Process Plant WLNG/CAN/6025
Assumed Contract for Provision of Ship Conversion - Engineering & Procurement Services (EPS) Pre-BAR Incept Post BAR Incept Ship Conversion
Assumed Contract for Provision of Ship Conversion Pre-BAR Incept Post BAR Incept
EPCIC Contract (Including BOP) Pre-CAR Incept Post CAR Incept
Overall Project Phases
Site Works Operational Period
Linde Contract Role and Responsibilities
* Provide Front End Engineering and Design services for Project
* Engineer, procure and supply specific long lead time items
* Manufacture Cryogenic Heat Exchanger
* Deliver equipment FCA to any seaport
* Engage and supervise subcontractor input
* Effect third party liability up to EUR 3 million limit
WLNG Contract Role Responsibilities
* To effect CAR insurance for damage to the Plant and all materials, equipment and supplies to be incorporated
into the Plant plus third party liability (to cover damage to surrounding property and principal's existing property)
(EUR 50,000 deductible).
* Transit and Importer of all goods, supplies and equipment from origin of jurisdiction
* Responsible to delegate HSE Management to EPCIC Contractor on the Project Site
* Conduct all activities leading to Performance Test including detail engineering, civil works, integration,
installation, erection, start-up, T&C at own risk
FSO EPS Contractor Role and Responsibilities
* Provide Engineering and Design services for FSO Conversion
* Procure and supply all equipment, material & supplies
* Deliver equipment to selected Conversion yard OR nearest sea port
* Engage and supervise subcontractor input
* Effect third party liability insurance. Limit (TBA)
WLNG Contract Role Responsibilities
* To effect FSO BAR insurance for damage to the Plant and all materials, equipment and supplies to be
incorporated into the converted FSO plus third party liability (Limit and deductible TBA)
* ACTION: Decide whether Contractor OR WLNG responsible for transit and import of all goods, supplies and
equipment from origin of jurisdiction
* Responsible to delegate HSE Management to FSO Conversion Contractor at chosen Ship Yard
* Delegate all activities to FSO Conversion Contractor leading to Performance Test including detail engineering,
civil works, integration, installation, erection, start-up, T&C at own risk
FSO Contractor Role and Responsibilities
* Provide FSO Conversion services
* Pre-commissioning at Shipyard
* ACTION: Decide whether Contractor OR WLNG responsible for transportation and joining and/or hook up at
Project Site
* Effect third party liability insurance. Limit (TBA)
* Effect Professional Liability insurance (Limit TBA)
WLNG Contract Role Responsibilities
* To effect FSO BAR insurance for damage to the Ships and all materials, equipment and supplies to be
incorporated into the converted FSO plus third party liability (Limit and deductible TBA)
* ACTION: Decide whether Contractor OR WLNG responsible for transportation and joining and/or hook up at
Project Site
* Responsible to delegate HSE Management to FSO Conversion Contractor at chosen Ship Yard
* Liable for all activities to FSO transportation, joining and hook up leading to Performance Test including detail
engineering, wet civil works, integration, installation, erection, start-up, T&C at own risk
* Responsible to delegate HSE Management to FSO Conversion Contractor at chosen Ship Yard
FinancingEngineering
Procurement Manufacturing Transit
EPCIC Contractor Role and Responsibilities
*Project Management, engineering, design, technical documentation, procurement, training and fabrication,
construction, installation, testing, hook-up, commissioning, operation, and start-up of the LNG Plant
* Effect Worker's Compensation, Employer's Liability (US$ 10 million limit), Professional Liability (USD 20 million
limit), General liability (USD 30 million limit) Auto Liability & PD (USD 5 million Limit), Hull and Machinery, PI (min
Limit USD 10 million per crew) and Property insurance (Limit (TBA))
* Hold WLNG Harmless for Contractor's and Tools, WLNG provided Materials and Property, liability to WLNG
personnel and property and Pollution
* Can claim LD payments from Linde under EPS Agreement and liable to pass to WLNG
* Accept liability for 3.2.2.1 location of work, 3.2.2.2 availability of equipment, labour and resources, conditions
relating to site access etc. 3.2.2.5 conditions affecting labour 3.2.2.6 hook-up...climate terrain etc.
WLNG Contract Role Responsibilities
* To effect CAR insurance for damage to the Facility and other Work to full replacement value (Deductible< USD 2
million).
Wrap-up liability (Limit >USD 100 million and deductible USD 2 million)
* To effect DSU insurance to cover delay (per Lenders requirement (TBA))
* Responsible to delegate HSE Management to EPCIC Contractor on the Project Site
* Monitor all activities leading to Performance Test including detail engineering, civil works, integration,
installation, erection, start-up, T&C to confirm related contractual performance requirement met and
communicated
Primary Contracted Activities/Responsibility by Responsible Party
Overview of All Expected Contracts :
Role, Responsibilites and Key Risk Obligations by Project Phase
Contract Role and Key Risk Responsibilities for LNG Process Plant Project Contracts
LNG Plant Process Unit & BOP (incl. FEED and Construction Engineering)
XLL & LLI / Steel Delivery Period
CW Heat Exchanger Fabrication
Negotiate/AssessLenders
requirements & input into all risk transfer
measures
Provide MechanicalWarranties
Transit and Importer of all goods, supplies and
equipment
Meet plant performance to
Specification
Not responsible for damage or liability
O&M to sound engineering proceduresProvide ISR/BI Insurance
Liable for all supplies & services to receive,
install and test Linde provided equipment
Complete & assume liability for
Commissioning & Performance Test
Title of transfer of all equipment from Linde to WLNG upon dispatch fromorigin of jurisdiction
Title of transfer of all equipment from subcontractor to WLNG upon dispatch from origin of jurisdiction
Negotiate/AssessLenders
requirements & input into all risk transfer
measures
FSO EPS Services
Pre-FEED & Basic Engineering
Delivery Period
Transit and Importer of all goods, supplies and equipment to ship yard
Transit and Importer of all goods, supplies and equipment to ship yard
Title of transfer of all equipment from subcontractor to WLNG OR FSO EPS OR Conversion Contractor upon dispatch
(TBA)
Meet ship performance to Specification
Not responsible for damage or liability
Liability of Pre-FEED engineering to be assumed by FSO EPS contractor
Provide MechanicalWarranties
Negotiate/AssessLenders
requirements & input into all risk transfer
measures
FSO Conversion
Meet ship performance to Specification
Not responsible for damage or liability
Provide MechanicalWarranties
O&M to sound engineering proceduresProvide ISR/BI Insurance
O&M to sound engineering proceduresProvide ISR/BI Insurance
Transfer to BC and joining of ships
Transfer to BC, and joining of ships
Decide upon best party to transfer, join and hook-up ships
Liable for all supplies & services to receive,
install and test Linde provided equipment
Complete & assume liability for
Commissioning & Performance Test
Negotiate/AssessLenders
requirements & input into all risk transfer
measures
Detailed Engineering for LNG Plant Process Unit
Ex-XLL & LLI Procurement
Modules FabricationProvide Mechanical
Warranties
O&M to sound engineering proceduresProvide ISR/BI Insurance
POG/WLNG/DMCC Linde FSO EPS FSOConversion EPCIC BOP EPIC Undecided
Responsibility Decision Pending
Legend:
Recipient
Role/RiskTransfer
Negotiate/AssessLenders
requirements & input into all risk transfer
measures
Detailed Engineering Design for LNG Plant Procurement (Ex-XLL & LLI )
Modules Fabrication
Project Manage, construct, install , test
hook-up, commissioning,
operatiom and start-up for the Facility. Meet
Performance Guarantees
Act as Importer of all goods, supplies and
equipment to Project Site
Provide 24 month Warranty
O&M to sound engineering proceduresProvide OperationalPD/BI Insurance
Title of transfer of all equipment to WLNG upon dispatch from origin of jurisdiction
Transit of all goods, supplies and equipment
to Project Site
Each contract analysed to identify all Principal’s risk obligations:
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Pre-CAR Inception Post CAR Inception
Contract for Provision of a Technology Package for LNG Process Plant WLNG/CAN/6025
Assumed Contract for Provision of Ship Conversion - Engineering & Procurement Services (EPS) Pre-BAR Incept Post BAR Incept Ship Conversion
Assumed Contract for Provision of Ship Conversion Pre-BAR Incept Post BAR Incept
EPCIC Contract (Including BOP) Pre-CAR Incept Post CAR Incept
Overall Project Phases
Site Works Operational Period
Linde Contract Role and Responsibilities
* Provide Front End Engineering and Design services for Project
* Engineer, procure and supply specific long lead time items
* Manufacture Cryogenic Heat Exchanger
* Deliver equipment FCA to any seaport
* Engage and supervise subcontractor input
* Effect third party liability up to EUR 3 million limit
WLNG Contract Role Responsibilities
* To effect CAR insurance for damage to the Plant and all materials, equipment and supplies to be incorporated
into the Plant plus third party liability (to cover damage to surrounding property and principal's existing property)
(EUR 50,000 deductible).
* Transit and Importer of all goods, supplies and equipment from origin of jurisdiction
* Responsible to delegate HSE Management to EPCIC Contractor on the Project Site
* Conduct all activities leading to Performance Test including detail engineering, civil works, integration,
installation, erection, start-up, T&C at own risk
FSO EPS Contractor Role and Responsibilities
* Provide Engineering and Design services for FSO Conversion
* Procure and supply all equipment, material & supplies
* Deliver equipment to selected Conversion yard OR nearest sea port
* Engage and supervise subcontractor input
* Effect third party liability insurance. Limit (TBA)
WLNG Contract Role Responsibilities
* To effect FSO BAR insurance for damage to the Plant and all materials, equipment and supplies to be
incorporated into the converted FSO plus third party liability (Limit and deductible TBA)
* ACTION: Decide whether Contractor OR WLNG responsible for transit and import of all goods, supplies and
equipment from origin of jurisdiction
* Responsible to delegate HSE Management to FSO Conversion Contractor at chosen Ship Yard
* Delegate all activities to FSO Conversion Contractor leading to Performance Test including detail engineering,
civil works, integration, installation, erection, start-up, T&C at own risk
FSO Contractor Role and Responsibilities
* Provide FSO Conversion services
* Pre-commissioning at Shipyard
* ACTION: Decide whether Contractor OR WLNG responsible for transportation and joining and/or hook up at
Project Site
* Effect third party liability insurance. Limit (TBA)
* Effect Professional Liability insurance (Limit TBA)
WLNG Contract Role Responsibilities
* To effect FSO BAR insurance for damage to the Ships and all materials, equipment and supplies to be
incorporated into the converted FSO plus third party liability (Limit and deductible TBA)
* ACTION: Decide whether Contractor OR WLNG responsible for transportation and joining and/or hook up at
Project Site
* Responsible to delegate HSE Management to FSO Conversion Contractor at chosen Ship Yard
* Liable for all activities to FSO transportation, joining and hook up leading to Performance Test including detail
engineering, wet civil works, integration, installation, erection, start-up, T&C at own risk
* Responsible to delegate HSE Management to FSO Conversion Contractor at chosen Ship Yard
FinancingEngineering
Procurement Manufacturing Transit
EPCIC Contractor Role and Responsibilities
*Project Management, engineering, design, technical documentation, procurement, training and fabrication,
construction, installation, testing, hook-up, commissioning, operation, and start-up of the LNG Plant
* Effect Worker's Compensation, Employer's Liability (US$ 10 million limit), Professional Liability (USD 20 million
limit), General liability (USD 30 million limit) Auto Liability & PD (USD 5 million Limit), Hull and Machinery, PI (min
Limit USD 10 million per crew) and Property insurance (Limit (TBA))
* Hold WLNG Harmless for Contractor's and Tools, WLNG provided Materials and Property, liability to WLNG
personnel and property and Pollution
* Can claim LD payments from Linde under EPS Agreement and liable to pass to WLNG
* Accept liability for 3.2.2.1 location of work, 3.2.2.2 availability of equipment, labour and resources, conditions
relating to site access etc. 3.2.2.5 conditions affecting labour 3.2.2.6 hook-up...climate terrain etc.
WLNG Contract Role Responsibilities
* To effect CAR insurance for damage to the Facility and other Work to full replacement value (Deductible< USD 2
million).
Wrap-up liability (Limit >USD 100 million and deductible USD 2 million)
* To effect DSU insurance to cover delay (per Lenders requirement (TBA))
* Responsible to delegate HSE Management to EPCIC Contractor on the Project Site
* Monitor all activities leading to Performance Test including detail engineering, civil works, integration,
installation, erection, start-up, T&C to confirm related contractual performance requirement met and
communicated
Primary Contracted Activities/Responsibility by Responsible Party
Overview of All Expected Contracts :
Role, Responsibilites and Key Risk Obligations by Project Phase
Contract Role and Key Risk Responsibilities for LNG Process Plant Project Contracts
LNG Plant Process Unit & BOP (incl. FEED and Construction Engineering)
XLL & LLI / Steel Delivery Period
CW Heat Exchanger Fabrication
Negotiate/AssessLenders
requirements & input into all risk transfer
measures
Provide MechanicalWarranties
Transit and Importer of all goods, supplies and
equipment
Meet plant performance to
Specification
Not responsible for damage or liability
O&M to sound engineering proceduresProvide ISR/BI Insurance
Liable for all supplies & services to receive,
install and test Linde provided equipment
Complete & assume liability for
Commissioning & Performance Test
Title of transfer of all equipment from Linde to WLNG upon dispatch fromorigin of jurisdiction
Title of transfer of all equipment from subcontractor to WLNG upon dispatch from origin of jurisdiction
Negotiate/AssessLenders
requirements & input into all risk transfer
measures
FSO EPS Services
Pre-FEED & Basic Engineering
Delivery Period
Transit and Importer of all goods, supplies and equipment to ship yard
Transit and Importer of all goods, supplies and equipment to ship yard
Title of transfer of all equipment from subcontractor to WLNG OR FSO EPS OR Conversion Contractor upon dispatch
(TBA)
Meet ship performance to Specification
Not responsible for damage or liability
Liability of Pre-FEED engineering to be assumed by FSO EPS contractor
Provide MechanicalWarranties
Negotiate/AssessLenders
requirements & input into all risk transfer
measures
FSO Conversion
Meet ship performance to Specification
Not responsible for damage or liability
Provide MechanicalWarranties
O&M to sound engineering proceduresProvide ISR/BI Insurance
O&M to sound engineering proceduresProvide ISR/BI Insurance
Transfer to BC and joining of ships
Transfer to BC, and joining of ships
Decide upon best party to transfer, join and hook-up ships
Liable for all supplies & services to receive,
install and test Linde provided equipment
Complete & assume liability for
Commissioning & Performance Test
Negotiate/AssessLenders
requirements & input into all risk transfer
measures
Detailed Engineering for LNG Plant Process Unit
Ex-XLL & LLI Procurement
Modules FabricationProvide Mechanical
Warranties
O&M to sound engineering proceduresProvide ISR/BI Insurance
POG/WLNG/DMCC Linde FSO EPS FSOConversion EPCIC BOP EPIC Undecided
Responsibility Decision Pending
Legend:
Recipient
Role/RiskTransfer
Negotiate/AssessLenders
requirements & input into all risk transfer
measures
Detailed Engineering Design for LNG Plant Procurement (Ex-XLL & LLI )
Modules Fabrication
Project Manage, construct, install , test
hook-up, commissioning,
operatiom and start-up for the Facility. Meet
Performance Guarantees
Act as Importer of all goods, supplies and
equipment to Project Site
Provide 24 month Warranty
O&M to sound engineering proceduresProvide OperationalPD/BI Insurance
Title of transfer of all equipment to WLNG upon dispatch from origin of jurisdiction
Transit of all goods, supplies and equipment
to Project Site
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OWNER CONTROLLED INSURANCE PROGRAM
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PROJECT RELATED INSURANCE
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SCHEMATIC OF THE MAIN PROJECT CONSTRUCTION INSURANCES
Commencement of Construction All
Risks Insurance
Third Party Liability
Mechanical Completion
T & C Phase
COD - Hand over to
operational phase
insurances
Cargo / Transit
Construction
Terrorism
Maintenance
Engineering
Procurement and Fabrication
Delay In Start Up
Delay In Start Up
Delay In Start Up
On Site Activities
commence
Professional Indemnity
Operational
Insurances
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CONSTRUCTION/ERECTION “ALL RISKS” &
THIRD PARTY LIABILITY
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GENERAL FEATURES OF A CONSTRUCTION POLICY
Construction is unique in many ways
SOME OF THE FEATURES OF A “CAR/TPL” POLICY ARE:
It is multi-year without review or break
It is non-cancellable - except for on-payment of premium
It covers all types of onshore construction plus wet works if connected to land
(e.g. breakwaters and jetties / terminals)
Is an “All Risks” policy with the 4 main General Exclusions of
• War Risks and Government related risks
• Nuclear risks and radioactivity
• Normal Wear and Tear
• Terrorism
Specific exclusions regarding defects in design, workmanship and specification
(see latter)
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C/EAR AND TPL
PERIOD OF COVER
• Entire construction period including construction, installation, testing, commissioning, initial operations and maintenance/defects period
WHO IS COVERED?
• Project Company/Owner
• All Contractors and Sub-Contractors of every tier
• All Suppliers, Consultants and Engineers (manual activities on site only)
• Lenders (as applicable)
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C/EAR – DEFECTS COVERAGE
Design Coverage
• Loss or damage caused by defects of materials, workmanship, design, plan or specification
LEG 1/96
• Outright exclusion
LEG 2/96
• Excludes defective portion but covers consequences of defects
LEG 3/96
• Covers defective portion plus consequences of defects
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THIRD PARTY LIABILITY (TPL)
INSURING CLAUSE
Indemnifies the Insured against all sums which the Insured is legally liable to pay (including claimants costs and expenses) arising out of or in connection with the Insured Project”
INDEMNITY PROVIDED
• Subject to a maximum limit of indemnity per occurrence (or in all)
COVER INCLUDES
• Accidental death, personal or bodily injury to or illness of or disease contracted by any person
• Accidental loss of and/or damage to third party property
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ADVANCE LOSS OF PROFITS (ALOP)
& DELAY IN START-UP (DSU)
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INSURED PARTIES
WHO IS COVERED?
Those with a financial interest in the successful completion of the project, i.e. Project Owners and Lenders only
WHAT DOES ALOP/DSU COVER?
Financial loss actually sustained due to a delay or interruption in completion of the insured project (Indemnity)
Delay must be caused by physical loss or damage indemnified under the CAR/EAR policy e.g.
• Contract Works
• Suppliers or customers premises
• Surrounding existing property
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SELECTING THE INDEMNITY PERIOD
• The policy will be subject to an Indemnity Period of typically 12 / 24
or 36 months
Considerations:
• Procurement of replacement items (lead times and delivery times)
• The response time and mobilisation to initiate inspection of damage
• Investigation into the cause and agreement on the actions required
• Planning / authority approvals
• Repair / reconstruction times
• Testing/commissioning
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WHO BUYS ALOP/DSU
WHO’S RESPONSIBLE?
• Owners/Employers
• Concession Companies
• Lenders
CONTRACTOR’S ARE TYPICALLY NOT AN
INSURED PARTY UNDER THE ALOP/DSU
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MAKE UP OF THE SUM INSURED
GROSS PROFIT OR FIXED COSTS
Gross Profit = Turnover less variable expenses (i.e fuel costs if not subject to take or pay obligations)
OR
Fixed Costs only, identified costs such as debt service/wages/rentals and the like
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INSURED AND UNINSURED DELAYS
UNINSURED
• Change in specification
• Labour disputes
• Unforeseen ground conditions
• Late delivery of key materials
• Regulatory/local authority permits / licensing
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Other Project Insurance
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Other Project Insurance
• Marine Cargo and Marine Delay in Start-up
• Project Professional Indemnity
• Terrorism and Sabotage
• Environmental Liability
• Cyber Liability
• Employer‟s Liability / Personal Accident
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Insurance Market in Myanmar
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Overview of Myanmar Insurance Market – Background
Myanma Insurance (MI)
Established in 1952, started as a life insurance company
State owned insurer and the only insurer until 2013
Private Sector
2013: 12 newly established insurance companies were given the license to underwrite a number of businesses. (Appendix 1)
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Overview of Myanmar Insurance Market – Foreign Insurers (Rep Offices)
General Insurance
1. ACE
2. Allianz
3. Dongbu Insurance
4. Sompo Japan Insurance Inc.
5. Tokio Marine & Nichido Fire Insurance Co., Ltd.
6. Mitsui Sumitomo Insurance Co., Ltd
Life Insurance
1. AIA
2. Prudential Holdings Ltd
3. Samsung Life Insurance Co. Ltd
4. Taiyo Life Insurance Company
5. Maung Thai Life Assurance Public Co. Ltd.
6. Manulife Financial
7. MetLife
8. New India Assurance
9. The Great Eastern Life Assurance
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Overview of Myanmar Insurance Market – Recent Developments
3 Japanese insurance firms have been granted license to underwrite direct business in the SEZs.
Mitsui Sumittomo Insurance Group (MSIG)
Sompo Insurance
Tokio Marine Insurance
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Overview of Myanmar Insurance Market – Legislation
Myanmar Insurance Law 1993
Foreign Investment Law 2012
– Supported by Foreign Investment Rule (2013)
Insurance Business Law 1996
– Supported by Insurance Business Rule (June 1997)
Environmental Conservation Law (Jan 2014)
•Any holder of a permit to operate a facility which may cause environmental damage must have insurance to cover any accident which affects the environment
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Overview of Myanmar Insurance Market – Legislation
Foreign Investment Law
“Economic Organizations which have been formed under a permit under the Union of Myanmar Foreign Investment Law shall effect only with the Myanmar Insurance the classes of insurance which the Myanmar Insurance determines from time to time.”
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Creating a Bankable Insurance Programme
• Direct policies with Myanma Insurance
• International quality policy coverage
• S&P/AM Best Rated Reinsurance Security
• US$ or Euro denominated policies
• Assignment of the Insurance and Reinsurance
• Competitive premium rates and capacity for larger projects
• Financiers named as a joint insured
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Thank you! Oliver Massmann – Partner, General Director
omassmann@duanemorris.com;