In line with the Federal Government of Nigeria Policy of Local Contractors in the activities of the oil industry, Insurance Act whose main focus is the empowerment of the Insurance Industry through ‘Domestication of Insurance Business' and technology transfer.

By the provisions of relevant sections of the Insurance Act 2003, risks, which are domiciled in Nigeria ,
can no longer be insured or reinsured in the international market except through the active participation of Nigerian Insurers and Reinsures. Similarly, no international risk surveyor or adjuster can get involved in Nigerian risks except they work with Nigerian Surveyors or Adjusters. PATHWAY INSURANCE BROKERS offer professional oil and gas insurance brokerage at no cost to the major players in Nigeria oil and Gas industry.

AN OVERVIEW OF THE OIL INDUSTRY RISK EXPOSURES WE COVER

The main risk exposures associated with oil industry can be analyzed as follows:

• PROPERTY RISK
• PECUNIARY RISKS
• LIABILITY RISKS
• CONTINGENT RISKS

PATHWAY INSURANCE BROKERS OFFERS THESE CLASSES OF OIL INSURANCE

Oil Insurance can be classified into Marine and Non-Marine. The Marine class includes the following:

• Offshore Construction Insurance
• Offshore Physical Damage Insurance
• OIL Tankers Insurance

NON MARINE RISKS

The Non-Marine Risks Insurance includes physical damage or property insurance and accident related insurance such as:

•  Physical Damage to Onshore Assets

•  Onshore Construction

•  Business Interruption

•  General Liability

Other associated insurances include the Aviation Refueling Liability Insurance, Employees Welfare Insurance Schemes (Health Insurance, Group Life Assurance and Group Personal Accident), Financial and Political Risk Insurance, Directors and Officers Liability insurance, Pollution insurance etc.

PATHWAY INSURANCE BROKERS REINSURANCE SUPPORT
As a result of heavy exposures and values, the oil insurance market has been presented with a major challenge which requires concerted effort towards cooperation between the Insurers and Reinsurers. The challenge presented requires the Underwriter to have ability to rise up to the level of capacity needed to cope with the ever increasing exposures and the spread of risks on which insurance is founded.

• Dedicated Oil and Energy Department
• Staff Development and Training
• Claims Department

THE PLACE OF RISK SURVEYORS AND LOSS ADJUSTERS IN OUR SERVICE
In oil insurance, because the underwriter rarely have opportunity to see for himself the risks he insures or the degree of hazards involved, he has to rely upon plans and reports prepared by a risk surveyor.
The survey report provide our underwriter with an in-depth analysis of and position regarding the general system of management, operating systems including plants operating procedures, safety system such as fire safety, evacuation procedures and, risk improvement possibilities.
We work with internationally recognized Risk Surveyors and Loss Adjusters in Nigeria .

THE ROLE OF PATHWAY INSURANCE BROKERS
We also have very important roles to play in risk analysis, risk engineering and the handling of claims of oil operators. Hence the full understanding of the hazards, operations and management system of the oil industry is required before we can perform these roles successfully. Similarly, we are able to present the risks which our clients are exposed to in the most logical and acceptable manner such that insurers can offer the most attractive rates and terms.

Pathway Insurance Brokers ensure that all the conditions precedent and subsequent to cover and liabilities are in place.                                                                                                                      Back to Top.......