OT14800 - PRT: associated party transactions - insurance - information

It will normally be necessary to obtain a copy of the captive바카라 사이트™s accounts and a full and detailed explanation of the insurance arrangements.

The following is a list of the information which it is suggested should be obtained or assembled when, with a possible restriction under OTA75\Sch4\Para2 in mind, it is decided to review the insurance arrangements of a company which has effected cover either directly or indirectly with the captives.

  1. Name of captive insurance company.
  2. Direct (AB) or indirect (ACB) route employed?
  3. Premiums paid -
  • assemble comparative data covering say 3 or 4 years;
  • distinguish period of construction if appropriate;
  • obtain explanations of large variations from one period to next;
  • express rate as percentage of asset value.
  1. Property covered - e.g. platform, other offshore plant, pipeline, stores etc.
  2. Risks covered - e.g.
  • physical loss/damage, noting any limitations;
  • terrorist activity;
  • loss of profits (premiums not allowable).
  1. Limit of liability overall.
  2. Excess borne by producing company?
  3. Excess borne by captive?
  4. Level of asset cover - replacement value subject to maximum?
  5. Construction period - insured with different company to that after production started? Note - a captive insurance company is often brought into play only after construction is completed.
  6. Any evidence obtained of arm바카라 사이트™s length premium quotations during enquiries on insurance placed with the captive may be useful in terms of general information on the subject - although we are of course concerned with costs and not market rates under OTA75\Sch4\Para2.
  7. A copy of the overseas captive바카라 사이트™s accounts.
  8. Is Oil Insurance Ltd involved? This is a Bermuda based oil company 바카라 사이트ścooperative바카라 사이트ť - (see OT14840).
  9. The basis on which premiums have been allocated to North Sea assets, and in particular to PRT paying field assets.