The Research On The Offshore Platform Insurance Clause

Offshore drilling platform insurance is a kind of property insurance of the offshore oil insurance, insuring the special subject-matter. With the development of China’s Marine economy, more attention paid to the offshore oil industry, and becomes an important source of energy in our country. But due to the complexity of its technology, high investment, huge risk in the offshore oil industry, the oil development stakeholders must use the specialized insurance risk to transform the risks. The drilling platform, as the indispensable equipment, is very expensive. Once the accident happened, there would be huge losses. So these offshore drilling platform insurance clauses are crucial for the parties of the insurance contract, even the insurance market.This article adopts the method of comparative law, based on the relevant theories of Maritime law, analysis comprehensively the London standard platform form and PICC "drilling platform all risks" clauses in our country to find out the differences between them, trying to find the shortcomings of the relevant provisions in our country, then to put forward the modified opinions.Chapter One "The overview of offshore drilling platform insurance" introduces the content of the offshore oil development insurance’s development, the type of offshore drilling platform, and importantly the emergence and development of the London standard platform form, as well as China’s PICC "drilling platform all risks" and "drilling ship all risks", then discusses the essence and function of the insurance clauses.Chapter Two "The basic elements of the offshore drilling platform insurance contract" analysis the basic elements of this insurance contract such as property insured, insurable interest, insurance value and so on.Chapter Three "Risks covered and exclusions", from three aspects, namely coverage, exclusions, and free of capture and seizure, conducts a comprehensive analyzes for the drilling platform insurance’s coverage, then focus on the differences of the relevant clauses between the London standard platform form and PICC "drilling platform all risks" to suggest to expand the coverage of PICC "drilling platform all risks".Chapter Four "Several important issues of offshore drilling platform insurance compensation" based on the relative principles of maritime law and the practice of the insurance market, discuss sue and labour expense, general average and salvage charges, the limitation of liability, constructive total loss and coinsurance clause of PICC "drilling platform all risks", to put forward the modified suggestions of the clauses.Chapter Five "Other important contents of offshore drilling platform insurance" includes blowout preventing warranty and other common contents, such as cancellation, release agreements and waivers of subrogation and dispute handling clause, then understands the clauses of PICC "drilling platform all risks" with the comparison to improve our clauses.