عقد تامين المشاريع النفطية : دراسة مقارنة == Insurance contract for oil projects Comparative study
Author name:
بشرى رضا محمد عبد الله
Supervisor name:
راقية عبد الجبار علي
General topic:
Law
Specific topic:
Commercial Law
Degree:
Master
University:
University of Baghdad - Faculty Of Law
Language:
Arabic
University location:
Baghdad
First pages:
13T1669 - p.pdf
Abstract:
The governmental institutions in charge of the management of oil operations in Iraq did not have the necessary interest in insurance on oil projects the last century, hence most oil contracts came void of texts binding the contractor that he must have an insurance coverage against risks accompanying the oil industry, especially when the highest risks are a feature inherent to this industry more than other industries. This is due to the nature of the circulating materials in it and their capability to quick burning and complicating the manufacturing operations which require caution when dealing with them at all stages starting from the upstream, i.e. the search stage, and drilling and then extracting oil until reaching the downstream stage and sending the product to the consumer.Despite the existence of legislative texts that oblige the contractor, who is responsible of the operations of executing governmental projects, to have an insurance coverage on the finances existent in Iraq against risks to which they may be exposed, these laws are only considered in construction contracts rather than drilling and extraction contracts. Yet, foreign companies working in the mentioned field were insuring their projects for they realize its importance to preserve the project capital and their adherence to their States' laws as well as the existence of widespread markets in this field.However, at the beginning of the present century the insurance movement became active after many governmental institutions saw the importance of insurance in the domain of oil industry, being the optimal manner to insure the project's execution course if the risk insured against occurred, and the caution of big loss to which the project may be exposed. The presence of insurance makes both parties of the contract and the other, who will be exposed to damage due to that industry, feel safe and secure.Insurance is not only confined to compensating the loss, but its field also extends to studying the risk causes, putting solutions, making procedures that prevent and limit the occurrence of the risk insured* ***********************************************************Abstract)B ( الصفحةagainst and the preclusion of its aggravation by risk management. Despite the citation of texts in the oil contracts on the necessity of covering the oil project, yet due to the weak staff specialized in insurance processes in the oil governmental institutions and the ignorance in legal texts organized to insurance works, the items in those contracts came with unclear features in that the beneficiary of compensation value is not defined and also the contractor's responsibility in this respect is not defined.Those projects are characterized by their high cost which as a result leads to high loss scale if the risk occurs, and in turn to high compensation amount of money. Thus, the foreign companies executing oil projects should search for means of protecting their capitals by having an insurance coverage against the risks possible to occur so as to secure the compensation for the losses that may occur due to accidents.Therefore, we preferred to search in the topic of the insurance contract of oil projects through shedding the light on the characteristics of this contract and the most important documents that cover the risks of oil projects, the means and ways of settling the demands and claims of compensation at the occurrence of loss as well as the ways to solve and settle disputes.
