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3 No person, other than a person licensed as an insurer under this Act, shall issue any insurance policy on (a) persons who at the time of effecting a contract are residents of Uganda; (b) goods or assets situated in Uganda; (c) ships, aircraft or other vehicles registered in Uganda; and (d) goods imported from other countries except personal effects and donations. Page 3
4 Reinsurance (1) An insurer can reinsure part of the risks he or she has accepted either under a reinsurance contract or facultatively. (2) Reinsurance contracts shall contain the minimum stipulations as determined by the Authority. (3) In the case of Reinsurance arranged through a Reinsurance Intermediary, the contract shall not contain any stipulation which prohibits any direct relationship between the Insurer and the Reinsurer. Page 4
5 Important Provisions Tanzanian insurance business is: Insurance business carried out by an Insurer in which premiums are ordinarily paid in Tanzania. Insurance business carried out by an Insurer in which the items are located in Tanzania shall be placed with Tanzanian Insurers (1) The Minister shall, by regulations, direct that any or all Insurances effected by Tanzanian residents or Tanzanian resident companies of any class or classes shall be placed with Tanzanian Insurers Page 5
6 The Capacity cannot just be judged based on the financial status of local insurers as all insurers in the world require reinsurance Local Capacity must also reflect: Proven ability to issue policies to International Standards A rated reinsurance support committed to the market Technical ability in projects of the size Page 6
7 DEVELOPING AN INSURANCE PROGRAMME THAT SATISFIES BOTH Page 7
8 Two Policies (One Ugandan and one Tanzanian)** Single Policy combining Ugandan and Tanzanian Insurers - Coinsurance **Important that reinsurance insurances are coordinated so that policies are the same and that they are reinsured in exactly the same manner this requires cooperation between insurers at all times. By reinsuring the whole pipeline will reduce overall price (economies of scale). N.B. Lenders may insist on this. OPTION SHOULD BE DECIDED PRIOR TO CONTRACT FINALISATION Page 8
9 The Insurance that is taken out will needs to fullfil the needs of : Pipeline Company Contractor(s) Lenders Regulators Contracts need to be drawn up to meet all parties requirements Page 9
10 General Considerations: Ensure that liability, indemnity and insurance clauses are clear and unambiguous Ensure that there are no inconsistencies Ensure that insurance requirements do not duplicate coverage Ensure that all parties are clear on responsibilities imposed by insurance policies and that compliance with conditions is imposed clearly on responsible parties Ensure there are appropriate hold harmless agreements which go both ways so reducing third party exposures Decide who will be responsible under contract for each class of insurance Page 10
11 Contract must determine which parties are Responsible for: Construction Risks Testing commissioning including natural hazards defective design workmanship etc Transit Risks Liability Risks Third party property damage and bodily injury Financial Risks as a result of delays to the project Financial Risks as a result of delays to the project Employee Risks Workman s compensation Construction Equipment Other insurances Other Risks Identified Page 11
12 Risk Construction Risk (Contractors All Risks CAR) ONE POLICY covering the whole project. Who Buys it? PRINCIPAL or CONTRACTOR controlled which is best? MULTIPLE POLICIES COVERING DIFFERENT PARTS OF WORKS CAN BE VERY DANGEROUS MULTIPLE DEDUCTIBLES CAN APPLY TO LOSSES AND GAPS IN COVERAGE MAY LEAVE ALL PARTIES UNPROTECTED As there may be multiple contractors LENDERS MAY INSIST ON PRINCIPAL CONTROLLED INSURANCE AS THEY WILL WANT TO ENSURE ALL THE WORK IS INSURED TO THE SAME STANDARDS WITH THE SAME SECURITY. Page 12
13 ADVANTAGES Policy will not be cancelled or altered mid term Smooth transition between Cargo and CAR Lower Cost as No Contractor uplift in premium Control over Insurer s security Principal can make sure a single policy covers all Contractors and Sub-Contractors Seamless transition between CAR and operational policy, once project handed over If DSU/ALOP required then CAR MUST be owner purchased Insurance laws complied with Page 13
14 IMPORTANT CONSIDERATIONS What policies should be Principal responsibility: Construction All Risks Comprehensive General Liability Marine Cargo DSU/ALOP (Delay in Start up Advanced Loss of Profits) Sabotage and Terrorism Political Violence Who pays premium? Who pays deductibles? Who pays for excluded losses? CONTRACT MUST BE CLEAR Page 14
15 What policies should be Contractor responsibility: Primary liability (e.g. $1,000,000) Employers Liability Workman s Compensation Auto Liability Watercraft, if any Aviation liability, if any Construction plant and equipment Others as may be agreed Page 15
16 IMPORTANT CONSIDERATIONS All parties Contractor/Principal/Sub-contractors MUST be included as named insured Principal (Pipeline Company) must APPROVE insurances Insurances should be in accordance with the insurance law. Clear transition between Cargo and CAR (No gaps) Principal MUST monitor full compliance and ensure that insurers MUST give written notice DIRECT to the Principal if there are any changes Waive rights of recourse against Principal Policies must include a requirement that if altered or cancelled insurers must provide notice to the Principal NOTE IF PIPELINE COMPANY REQUIRES DELAY IN START UP COVER THEN CAR AND CARGO INSURANCE MUST BE CONTROLLED BY THE COMPANY. Page 16
17 Insurance Considerations Page 17
18 WHY LOCAL INSURERS FOR YOUR PROJECT? The Law requires this Local Experienced Staff Local service and responsiveness to claims Consultants Total Risk Solutions (London) Ltd many years experience in major project insurance and risk management Assistance with contractual insurance issues Flexible attitude to Claims Working with International Reinsurance Markets so price is transparent and competitive Security provided by international A rated reinsurers Full cooperation with Principal and Contractor (and lenders) Page 18
19 Coinsurance group/nict together with Pipeline Company Broker Selection with 3 International brokers Quotations from Market BROKER APPOINTMENT Insurers and Pipeline Company BROKER APPOINTMENT
20 PIPELINE COMPANY UGANDA OIL AND GAS Co-insurers/NICT Absolute Net African Reinsurers Facility A rated International Reinsurers Captives plus share to winning broker = claims = premiums
21 WHY INSURERS NEED REINSURANCE? Local Markets have limited capacity Risk must be spread to International Markets Security for project is very important The reinsurance process will provide competitive and transparent terms and conditions Contractors and sub-contractors and lenders will have confidence Page 21
22 Important issues Involve insurers early in the process (contract drafting) Develop draft insurance policies Develop claims procedure involving Principal and Contractor Principal to assign insurance coordinator(s) Pre-determine loss adjuster(s) Workshop to go through policy terms and conditions and to highlight warranties and important conditions to determine responsibilities for compliance Page 22
23 Page 23
24 ( ) Transit Risks some considerations Who is insuring? Should be THE Principal or Contractor NOT the manufacturer or supplier (buy ex warehouse, FOB or C&F NOT CIF) Where does cover begin and end? Make sure NO gaps between Transit and Construction Policies 50/50 Clause under BOTH policies Page 24
25 ( ) Liabilities Often Individual contractors/sub-contractors have responsibility to carry their own cover (Primary) policies Principal to provide EXCESS cover or UMBRELLA cover for all parties Procedure for contractor/sub-contractor COMPLIANCE IF POLICIES PURCHASED BY CONTRACTOR THEY MUST WAIVE RIGHTS OF RECOURSE AGAINST PRINCIPAL Page 25
26 ( ) Employees Each contractor will take out their own insurance for: Employers Liability Workman s Compensation Monitoring Contractor/Sub-contractor compliance is important! IF POLICIES PURCHASED BY CONTRACTOR THEY MUST WAIVE RIGHTS OF RECOURSE AGAINST PRINCIPAL Page 26
27 ( ) Construction Equipment, Temporary Works and Facilities Each Party responsible for his own Equipment Temporary Works/Facilities who is responsible? Check the contract IF POLICIES PURCHASED BY CONTRACTOR THEY MUST WAIVE RIGHTS OF RECOURSE AGAINST PRINCIPAL Page 27
28 (Delay in Start up) Financial These risks are either determined by LENDERS or the PRINCIPALS requirements What needs to be covered? COST of MONEY (Debt Servicing) during delay? Loss of anticipated Profit? How are these numbers calculated? If these required BOTH CAR AND DSU (Delay in Start up) MUST be Principal controlled Page 28
29 Others miscellaneous insurances Motor Vehicles (Individual owners to insure at least liabilities) Vessels (individual owners to insure at least liabilities) Aircraft (individual owners to insure at least liabilities including passengers) Professional Indemnity (contractors and subcontractors responsible for their own risk) Performance Bond (contractors responsibility) IF POLICIES PURCHASED BY CONTRACTOR THEY MUST WAIVE RIGHTS OF RECOURSE AGAINST PRINCIPAL Page 29
30 RISK FACTORS Different Contractors operating in different areas who are they what is the experience? River Crossings and general topography pipeline route (directional drilling) Laydown and storage areas: Where are they located (exposure to natural hazards e,g flood, fire etc) what is security? What are fire fighting facilities? Will pipeline be buried or on surface? Open trench warranty will apply. Terrorism? What are the welding and X-Ray procedures How many pump stations details of values and design Historical flooding of route? Can this be insured on EML basis? Any wet work? Page 30
31 Risk Where is pipe and other equipment being manufactured? Means of transport to site(s) Length of inland transit from port. Maximum value of cargo any one vehicle/vessel/barge Other equipment being imported, details, values, origin. Are there intermediate fabrication yards after shipment and prior to arrival at site if so details. Page 31
32 Third party exposures: Proximity of third party property and people Environmental issues Social issues Page 32
33 INSURERS WORKING WITH THE PROJECT TEAM BY HELPING TO : Identify risks Develop a risk reduction and risk transfer strategy ASSIST IN CONTRACT DRAFTING (insurance and liability provisions) IN THE BEST INTEREST OF the PROJECT AND GOVERNMENTS Keep project interest central in the process PROJECT LOCAL INSURERS Page 33
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