IMCA’s annual Contracts & Insurance Seminar took place in London on 25 May 2016. The event was a great success: it saw over 100 delegates, many legal and insurance specialists in the energy sector, come together to hear presentations from, and take part in discussions with, the line-up of world-class speakers and opinion makers on these complex subjects.
Allen Leatt, IMCA’s Chief Executive, and Nathalie Louys, General Counsel at Subsea and Chair of IMCA’s Contracts & Insurance Workgroup, kicked off proceedings and introduced the main topic of discussion at the event: the deterioration of contracting terms in the post-Macondo, post-$100 barrel oil environment.
Delegates heard expert insight from the speakers on: the extent of the contractor’s marine insurance P&I cover; the extent of the oil company’s portfolio of cover; a contractor’s view on taking responsibility, but indemnifying responsibly; and the legal landscape and the allocation of indemnities and liabilities for pollution and consequential losses.
A lively panel session followed, which featured real-time voting on topical issues, stimulating some interesting discussion. The seminar concluded with a series of updates from IMCA Contracts & Insurance Workgroup members on topics such as compliance, FPSO contracting principles and the BIMCO Supplytime review.
A number of presentations from the event are available to view online:
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