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87 Tul. L. Rev. 1165 (2012-2013)

handle is hein.journals/tulr87 and id is 1231 raw text is: Offshore Energy Construction Insurance: Allocation of Risk Issues Tim Taylor* The legal fallout from major offshore events such as the DEEP WATER HORIZON spil, PIPER ALPHA, and the grounding of the EXXON VALDEZ has resulted n extne stess testig ofliabilites allocation i upstam oil and gas project contracts The nsks inherentin the offshore oil and gas idustry are very large. ThisArticle examies how liability is shared durmg offshore construction projects, the standardinsurance policy thatis commonly usedi rspect of such nsks, and a number of topical issues that parties engaged in such activity might bear in mind when they are negotiating contracts and insumance aragements to protect their position. I. INTRODUCTION. ............................... ..... 1166 II. ENGLISH APPROACH TO CROSS INDEMNITIES ...................1167 III. COMMERCIAL INSURANCE REQUIREMENTS ..................... 1167 IV WELCAR: ASSUREDS AND SCOPE OF COVERAGE...................1170 V CONTRACTS BETWEEN THE OPERATOR AND THE CONTRACTOR: THE MUTUAL INDEMNITY REGIME .... .....1172 VI. DOES THE MUTUAL HOLD HARMLESS REGLME WORK AS A MATTER OF LAW ............................. ..... 1173 VII. SECTION I OFWELCAR .................. ................ 1178 A. Subrogation............................. 1178 B. Excluded Property and Watercraf. ...... ........ 1181 C Other Provisions .........................1182 1. Extent of Covered Property......... ......1182 2. Values ........................................1183 3. Due Diligence............................1183 4. Maintenance Coverage ............. .........1185 5. Defective Parts............................1186 VIII SECTION II OFWELCAR ............................ 1188 A. Liability ......1188 B. Cross Liabilities. ..................... .....1188 C Physical Loss and Defects ............... .... 1189 D ConsequentialLoss....................1189 E Other Insumnce .................... ...... 1189 E ExistingProperty. .........................1189 * C 2013 Tim Taylor. Tim Taylor is a Solicitor and Partner at the London office of Clyde & Co. LLP and Chair of the British Maritime Law Association's standing committee on manne insurance. 1165

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