ENERGY & POWER
We recognize the strategic importance of oil and gas to Nigeria’s economy and it remains the backbone of Nigeria energy and power industry. Operating in Nigerian energy sector is uniquely challenging and as non-admitted insurance market operators must comply with the Nigerian Local Content Laws.
IBN has been relentless in our pursuit in harnessing and developing indigenous insurance market capacity, human capital skills for the complex risks of exploration, production operation of oil and gas activities of large, independent, mid-stream, downstream and contracting companies.
Why Our Clients Value IBN?
- Our firm, Insurance Brokers of Nigeria (IBN) has been in the forefront in developing specialist risk and insurance management solutions in the Nigerian Energy Sector for more than three decades.
- We helped in pioneering the streamlining of the national oil company’s interests in joint-venture operations with International Oil Companies (IOC) into a single consolidated insurance program thereby harness its leverage in the local and international energy insurance market.
- We guided indigenous Nigerian entrepreneurs and concessioners who ventured into Nigeria’s energy industry; developed primary and wholesale insurance facilities for them to enable confidently and successfully participate as independent exploration and production firms.
- IBN remains the only local firm with specialist skills in loss control engineering, team of corporate risk managers experienced both in local and international energy insurance operations in Nigeria, a legal team, certified risk management and insurance professionals that had worked in energy, underwriting and insurance broking firms. This positions IBN as a 360 support for our clients.
How We Work
We set for each client specific project, a multi-disciplinary team of energy industry experienced experts in risk financing/insurance, legal and loss control engineering. This team is led by a senior account advisor who works closely with our clients to gain proper understanding of their operations, evaluate the associated risks then tailor insurance programs with appropriate marketing strategies for placement within the primary and whole insurance markets. Our program designed is unique to each of our client. The special programs we arrange for our clients include:
- Control of Well & Operators’ Extra Expense
- Upstream and Downstream Operational Policies
- Onshore and Offshore Construction
- Third Party Liabilities Seepage & Pollution
- Business Interruption, loss of production income, Loss of Hire
- Land Rig and Offshore Drilling Rig fleets
- FPSOs and associated Equipment
- Terrorism Risks for Onshore/Offshore Facilities
Our loss control engineering subsidiary, Industrial Risks Protection Consultants (IRPC), undertakes risk assessment surveys of greenfield projects or existing operations and:
- Evaluate critical risk exposures of our clients operations
- Evaluate Maximum Possible loss on major locations and operations
- Make appropriate loss control recommendations to the clients
- Where appropriate, undertake interdependency studies to evaluate potential business interruption risks exposures
- Present the risk profile transparently to prospective insurance carriers to help our brokers negotiate and achieve competitive premium rates and terms for our clients.
As part of our added value services IRPC conducts post-loss investigations to help our clients prepare their claims and develop future mitigation processes.
We put our clients first, we strive to maintain the highest service levels for our clients maximise our leverage in the insurance market place to achieve the most cost effective insurance programs and recover their claims efficiently and promptly. As an independent firm, we create competition working with other international wholesale insurance brokers to bring the best value to our clients.
For further information or help, please contact:
Tunde Olowude
Head, Energy, Power and Infrastructure Practice
Busola Ande
Energy, Power and Infrastructure Practice
