Specials

In case you are looking for special coverage for your projects, such as:

• Weather Downtime Protection
• Kidnap & Ransom insurance (reduction of deductible Construction All Risks policy)
• Deductible Buy Back
• Rental Equipment

Then at INTRAMAR you are assured of customization and a pragmatic approach.

Weather Downtime Protection

Away from shore, construction work requires fair weather. Rough seas and high winds cost money and valuable time. Principals and contractors have to share the risk and negotiating that can be troublesome.

What if you could take that problem away?

How does it work?

• Define the weather variables that stop/slow the work, usually a combination of weather elements.
• Choose a weather event measure, usually critical days or periods.
• Establish the deductible in number of critical periods and the payout for exceeding that number.
• At the end of the risk period, count up the actual periods lost. Payment for any excess is immediate and does not require claim negotiation or adjustment.

Who should use this?

Employers – once you have defined hedgeable weather risk and the cost to hedge, you can work with your contractors to bid the job with and without the efined weather risk. When the savings on the job exceed the premium, you’ve added value.

Contractors – once you have defined the risk and the product, you can bid the job without that hedgeable weather risk. Making you more competitive.

Kidnap & Ransom insurance

The name of the product is actually only a small part of ‘the flag that covers the cargo’.

Abduction of an employee means enormous pressure on your organization. Crisis management can have a paralyzing effect on the operational effectiveness of a company.
Uncertain factors such as the condition of the abductee, duration and consequences entail tensions that cannot be compared with any business efforts whatsoever.

In certain areas the risk of kidnapping is realistic. Measures to prevent such violence are essential to be able to (continue to) carry out the planned activities.

If your organization is unexpectedly confronted with kidnapping for ransom, then it is good to know that the K & R insurance entitles you to the following cover:

• effective support in negotiation with the kidnapper(s). An organization that is specialized in such negotiations takes over the contact with the kidnappers and keeps in touch with them until the moment that the kidnapping has ended. The goal is primarily the employee (s) to get unjust in safe area.
• advising the parties involved (family, employer, etc.) how to deal with external communication, etc.
• compensation of paid ransom, up to the insured amount

A kidnapping cannot be prevented with this insurance. However, the professional approach of the whole issue, in some cases longer than a year, was always well appreciated by those involved.

Deductible Buy Back

Clients in the offshore construction industry will usually arrange Construction All Risks (CAR) insurance cover for the project risks.

This insurance covers damage to the construction during the construction, overhaul, major maintenance, etc. In the offshore energy sector you can think of adjustment of oil/gas platforms, submarine pipelines, construction of wind farms, etc.

Being a (sub)contractor it is highly recommended that your work is also insured on the CAR insurance of the client. This is often the case in practice. When you are not sure, we can help you with a review of contract.
Particularly for large projects and large clients, a high deductible applies to such a CAR insurance policy: one mainly buy cover for substantial claims and calamities.

Deductible amounts of EUR 500,000 or EUR 1,000,000 are no exception.
Important! In contracts, damage that falls under this deductible is sometimes lodged with (sub) contractors. This means that damage caused by you up to EUR 500K or EUR 1MIO is for your account! You certainly do not want to think that you are confronted with one or more such damages?

In cooperation with reputable insurers, we have developed a solution for this: we can reduce this high deductible amount to an amount that does not jeopardize the continuity of your company.

We will gladly make a free quote for you.

Rental equipment, tools, etc.

If you hire tools, machines or equipment for your work, you can be faced with the fact that the lease agreement states that you have to pay for damage to/loss of the rented items.

Certainly when equipment is used for offshore use, you may not always have control over how the transport goes, or how things are handled.
Moreover, many parties are involved in transport, such as the one who carries out the lifting work, the crew of the supplier, the truck driver, etc.

If the damage was not caused by yourself, it is often very difficult in practice to trace the party that caused the damage. If it does succeed, those parties are not always liable and you are left with a damage or loss that is for your account.
Apart from that, things can be damaged or even lost during work: where work is done …

The INTRAMAR team is responding well to temporary insurance of equipment, tools, etc. also when this all is rented.
If your company hires a lot, it is possible to accommodate an insurance solution that requires minimal administrative work.

For example, rented equipment can be insured on an ongoing basis, so that you will not be faced with unpleasant surprises if something goes wrong unexpectedly.