Energy Course

The energy industry describes a complex and interrelated network of companies, directly and indirectly involved in the production and distribution of energy. Because this is an industry spanning global markets across international economies, the energy sector isn’t immune to emerging risks and should be ready to face these critical issues as they continue to emerge. This 4-hour course begins with an overview of a typical marine terminal and basic risk assessment of the energy industry. Participants will identify the important risks and coverage issues unique to the energy industry – workers compensation, MTOL, vessel coverage, auto liability, 3rd party auto, rail car liability, pollution, cargo, credit and financial issues, international coverage. They will learn the importance of reading and understanding the definitions and coverage afforded in the insurance policies, as well as how to apply the various exclusions and their relevance to the day-to-day operation to the energy risk

Managing risks associated with the energy industry is becoming increasingly complicated due to factors, such as: government regulations, public policy, financial concerns, and energy resource scarcity. This 4-hour course begins with an overview of the energy subdivisions and the businesses that support them. Participants will review the exposures for these businesses and the control methods that can be used to manage the losses. They will learn the importance of the risk management process from an energy insurance professional’s perspective. They will review each step and understand how to apply the concept within the energy industry. They will learn how risk control works by examining real-life examples unique to the energy industry – solar, wind, gas, oil, hydro, nuclear, thermal, and more. They will discuss how controlling energy risks can provide greater market assurance for companies, insurance companies, banks, and manufacturers who work with these energy companies.

As the energy sector continues to evolve, their organizations are looking for ways to help successfully identify, manage, and mitigate contractual risks for their specific needs. This course begins with an overview of risk transfer – reasons for transferring risks and methods used to transfer risk. Participants will be able to describe how indemnification found in contracts is different from insurance and how certain insurance policies interact with such contractual indemnification requests. They will be able to explain what obligations are contained inside the contract that the insurance policy will not be able to cover. They will discuss examples showing various contractual phrases as well as coverage language excerpts from the Commercial General Liability Policy. They will look at examples of Additional Insured endorsements, showing various approaches taken by insurance carriers when offering to modify the CGL, and how such modifications will affect the outcome of losses.