Recognition and effects of Volcar insurance in offshore oil and gas facilities

Document Type : Original Article

Authors

1 PhD Student in Oil and Gas Law, Faculty of Law, Shahid Beheshti University, Tehran

2 Associate Professor, Department of Private Law, Faculty of Law, Shahid Beheshti University, Tehran

Abstract

The main reason for the development of Volcar insurance should be sought in the late 90s; During this period, the feeling that insurance was paying for the development costs and bearing the risk of advanced technologies in the marine energy industry led various insurers active in this market to seek insurance policies in this field. prepare. They argued, for example, that claims for defective or incomplete design and hidden defects lead to damages that should be excluded from insurance coverage. This process led the Wellington Lloyds Syndicate to introduce a comprehensive version of marine construction insurance, commonly known as the Volcar. The main question of the present article is what is the structure of Vulkar insurance policy and what effects has it had on offshore oil and gas facilities? In short, in answer to this question, it should be stated that this insurance policy is one of the types of all-risk insurance policies that has been able to be welcomed by activists in this field to a great extent, and this field is different from other insurance policies. The former, which were sometimes unfamiliar with the requirements of this industry, needless. ولBefore the Volcar insurance form, there were insurance policies in the field of offshore structures; But for almost two decades now, the Volcar insurance has been in use and is the predominant insurance coverage for offshore construction projects found in the insurance market, although the Volcar is not immune to criticism and is usually amended when adjusted. ‌ شد.

Keywords

Political Sociology of Iran
Volume 5, Issue 3
June 2022
Pages 1123-1158

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