ENERGY AND POWER NEWSLETTER – JULY 2019

02 July 2019

JLT Energy Newsletter July 2019We are pleased to launch the latest edition of our power and energy newsletter, which provides news, opinions and advice on risk and insurance topics affecting energy and power generation companies. In this edition, our main feature focuses on product quality management (PQM).

MAIN FEATURE COVERED IN THIS EDITION

Energy and power insurance market updateENERGY MARKET UPDATE

The downstream energy insurance market is continuing to harden due to a poor loss record over a number of years and reduced capacity. In contrast, due to a benign loss environment and no discernible withdrawal of capacity, the upstream energy insurance market has had a quiet six months in 2019.

2019 Major Upstream and Downstream Energy LossesUPDATE ON ENERGY LOSSES

2019 energy losses (physical damage and operator’s extra expense but excluding third party liabilities) of USD 10 million or more that we are aware of at the time.

Energy insurance market movers and people in the newsMARKET MOVERS

With changes constantly taking place in the insurance market, here we provide a short summary of the key market movers and people that have recently been in the news.

Energy Insurance Market Legal RoundUp RECENT JUDGEMENTS ON COURT CASES

This regular feature contains details of recent rulings on four insurance-related court cases.

What does general average mean DEMYSTIFYING COMMON CLAUSES

In this regular feature, we pick one common clause found in energy insurance that is often not well understood and clarify its purpose. In this edition, we look at non-vitiation clauses.

Product Quality Management Through Risk Engineering PRODUCT QUALITY MANAGEMENT THROUGH RISK ENEGINEERING

Product quality is an emerging risk with global reported incidents increasing year-on year. This is predominately driven by new regulation, more complex supply chains and the cost of production economic pressures for operators. Non-conforming products can cause serious public safety concerns while triggering significant financial and reputational damage for the liable companies.

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  • John CooperJohn Cooper

    John joined JLT in 1987 having spent three years with Leslie & Godwin (now Aon) in the Marine Hull Technical Department.

    John gained extensive knowledge in the technical design and servicing of energy related insurance programmes covering physical damage, business interruption, control of well and liability exposures for a wide spectrum of energy clients including oil & gas lease operators, mobile rig contractors, oil & gas service companies, and major integrated oil companies.

    At JLT Risk Solutions John sat on the "Energy Executive Committee" that oversaw the management and strategy of the Energy Business Unit. In January 2005 John moved from JLT Risk Solutions to Lloyd & Partners where he has responsibility for managing the Energy team. He sits on the Energy & Marine Executive Committee and is a strategic advisor to the LPL Board.

    He is also a broker consultant representative to the London Joint Rig Committee and has worked on a consultancy basis with Oil Insurance Limited (OIL). In the combined Marsh JLT Specialty, Energy and Power team, John now performs the role of Global Chief Client Officer.

    If you would like to talk about any of the issues raised in this article, please contact John Cooper, Global Chief Client Officer on +44 (0)20 8108 9542.

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