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Loss Control Newsletter Issue 2 2003 - Highlights include: Product Profile, Quarterly Loss Report, Safety News from around the world, Major Hazards Regulation and Standards - A Simple View, Earthquake Modelling in the Eastern Mediterranean, HPHT - Hot Spot for Risk Management?, Easier Data Handling - New Technology, Lessons from Losses. The Marine and Energy sector is experiencing significant repercussions in both the insurance and reinsurance markets as a result of terrorist attacks and threats of war. In the short term, there is a great degree of uncertainty regarding pricing and, more important, availability of reinsurance cover for these perils. However, coverage for conventional marine perils continues to be readily available in the global marine market. With this in mind, Marsh's marine and energy specialists continue to work with clients to design innovative solutions to existing exposures, as well as emerging or anticipated risk issues. Our focus is on all sectors of the marine and energy industries. We have experienced Client Executives and a seasoned team of product line specialists in all relevant disciplines, including: Hull, P&I, Cargo, Onshore and Offshore Property, Construction, Business Interruption, Loss of Production Income, Control of Well and all related liabilities. In a practice that consists of more than 700 professionals worldwide, our ultimate goal is to work together to provide the highest level of service possible to our clients wherever they may be located. Choose Your IndustryAutomotiveAviation & AerospaceCableChemicalsConstructionDesignEntertainment & MediaEnvironmentalFinancial InstitutionsForest ProductsGamingHealthcareHigher EducationHospitalityInfrastructureLife SciencesMarine and EnergyMiningPower and UtilitiesPublic EntitiesReal EstateRetailSportsTechnologyTelecommunicationsTransportation Choose Your Risk IssueBusiness Continuity ManagementBusiness InterruptionCaptivesCasualtyCrisis ManagementDirectors & Officers LiabilityDisaster RecoveryE-commerce/E-businessEmergency Response PlanningEmployment/WorkplaceEmployment Practices LiabilityEnvironmentalIntellectual PropertyMarine & EnergyNatural HazardsOperational RiskPolitical RiskProduct LiabilityProfessional LiabilityPropertySupply ChainSuretyTrade CreditWorkers' CompensationWrap-Ups In a dynamic industry with an inherent potential for costly losses, both safety and risk management have become increasingly important to the resultant profitability of our clients. In response to the time-critical needs and strategic issues of our clients, we have consolidated our firm's expertise into a single, dedicated Marine and Energy Group. It comprises leading technical, business and risk experts from a wide variety of disciplines and backgrounds, including seasoned professionals from both the energy and maritime industries. Marsh's Marine & Energy practice provides services for the oil, gas, petrochemical, utilities, mining, shipping and maritime industries. Its guiding principles have always been protection, cost efficiency, service, and specialization. Worldwide Network of Specialized Services Our Marine & Energy specialists, based primarily in Houston, New York and London, work in close cooperation with the global network of Marsh offices throughout the world to provide marketing and services in the following areas: Offshore Property/Control of Well Hull & Machinery Protection & Indemnity Onshore Property Marine Liability Non-Marine Liability Cargo Onshore Construction Offshore Construction Marsh Marine & Energy Products: Downhole Tool Coverage Marine Pilot's Protection Policy Marsh/Royal Marine Liability Facility MPorts Additional Resources: Risk Control Services : engineering specialists serving the energy industry. Marine Claims Services Marine Reinsurance MarshCargo.com - Marsh's online cargo insurance account management system Offshore Property (Upstream Operations) Overview: Coverages for Physical Damage to Offshore Property whilst operating and/or under construction. Including Mobile Offshore Drilling Units. Typical Insureds: Oil company operator's and non-operator's. Companies with working interests in oil and gas exploration and production activities. Drilling Contractors. Basis of Coverage: All Risk Agreed Value or Replacement Cost Policy. What is covered: Physical Damage to Property scheduled. Removal of Wreck - up to 25% of value. Sue and Labor - up to 25% of value. Important to Note: Construction Policy is non-cancelable except for non-payment of premium. Construction covers all aspects of construction phase (i.e. Onshore Fabrication/Load-Out/Installation) Key Underwriting Concerns: Location Water Depth Loss History Age/Type of Units (Mobile Units only) Marsh's Marine & Energy practice provides services for the oil, gas, petrochemical, utilities, mining, shipping and maritime industries. Marsh Inc. - The Marine and Energy sector.