Energy has been recognized as the leading growth sector for India.
Each project is unique and can be financially complex, region-specific, and comprises of trans-national stakeholders.
Starting with review of the contracts between the principal and the contractors for reviewing insurable interest and defining responsibilities of Insurance responsibilities, our involvement also extended to data-driven risk evaluation; continuing with fact-based risk advice; culminating in the intelligent design and execution of insurance and risk management programs, we deliver customized and innovative solutions that have measurable and positive impact on our clients’ business.
Sanyog’s Energy practice is committed to providing a broad range of risk advisory and insurance syndication solutions for any company or stakeholders involved in the construction or infrastructure sectors. The Energy specialty provides the highest level of service to this sector and related service industries. We service clients from:
- Oil Companies- Production & Exploration
- Renewable Energy & Energy Efficiency
How do we do it?
Our team can promote risk advisory, project management and insurance/reinsurance syndication for all Energy, related clients and projects. Our expertise is in supporting clients in:
- Traditional energy producing establishments
- Renewable Energy & Energy Efficiency
- Power & Utility
- Waste & Water treatment
- Upstream (exploration/production)
- Major integrated and national oil and gas companies
- Midstream (pipelines/terminals/liquefied natural gas)
- Downstream (refining/petrochemical)
The Energy team is advising clients on projects with a focus on multi-party project financings for large contract energy projects. Our team has direct and substantive experience working with both domestic and international, Government oil companies, domestic and international commercial lenders in relation to these transactions.
Need for insurance in Energy sector
When dealing with insurance for energy sector, various variables must be taken into consideration, it has dynamic risk exposure due to various reasons. There is a definite need to design appropriate risk transfer solution for a project during the different phases of development – planning, designing, constructing, and operating.
What can Sanyog do?
We provide expert input and advice on insurance program design, technical,
contractual and placement matters.
We partner with our clients in responding to tenders and in presenting advisory services and solutions to risk-based issues in the Energy sector with rich experience from global network partners.
Global reach through network partners
Our Services and Products Include:
- End to End Risk assessment -Risk Transfer Mechanism & Process -Claims advocacy throughout the project
- Indian Interest Abroad:
- Strong Inhouse-Reinsurance support
- Project -Professional Risks
- Lenders Due Diligence
- Political Risks
- Environmental Impairment Liability (Pollution legal liability)
- Offshore CAR Insurance
- Energy Package Policy
- Title Insurance
- Inherent Defect Insurance
- Solar Performance Warranty
- Loos of Profit
Property Damage & Business Interruption Insurance
What is Business Interruption insurance?
Business Interruption coverage is designed to Protect financial loss
sustained due to a covered property damage claim impacting your insurable gross profits,
growth, market share and stakeholders’ interest during the period of interruption. It is a
Balance Sheet protection approach to develop an effective Risk Management Program.
During the interruption period, the insurance intends to put you in the same financial position had there been no underlying perils affecting your property insured.
The policy will indemnify for the loss of net profits, standing charges and additional cost incurred to minimize loss.
How do we do it?Sanyog’s specialists will analyse
- The business, its processes/ operations
- Profile suppliers/ customers with ‘dependency factor’ revenue streams
- Locations and evaluate interdependencies for interruption risks involved
- and support you to estimate the most likely time duration (‘indemnity period’) required for normalisation of business operations following an insured ‘property damage’ due to ‘perils’ covered under the policy.
- Our specialists will also assist your management to lay down loss control and alternative operational strategies to minimise downtime/ slowdown. Effectively, we will tailor an adequate, efficient and cost-effective insurance program based on the risk strategy to manage and control the risks identified.
What can Sanyog do?Sanyog will assist with:
Bespoke Insurance Program
- Standard business interruption solutions will be tailored by Sanyog to fit the specific needs of your business based on the inputs from a holistic review of your operations, financials and business plans.
- Where required, the ‘property damage’ pre-condition for triggering the Business Interruption insurance will be modified to recognize ‘property damage’ at premises of your suppliers or customers or other outsourced partners. This is known as Contingent Business Interruption (CBI) and such cover also caters to events such as ‘failure of public supply’ and ‘denial of access’ resulting in interruption of your business even though your business has not suffered any direct ‘property damage’.
- Tailored coverages to compensate for inventory depletions, increased costs of working and/or extra/expediting expenses will get written into the insurance program.
- Likewise, on major businesses, Terrorism risks coverage is expanded in its scope and insured values to accommodate assessed exposures and can include CBI and third-party liability.