03 June 2014
London insurance market launches new assessment for floating units
A new voluntary safety assessment for mobile drilling vessels known as floating units has been launched by the London insurance market.
Called Floating Unit Mooring Assessment (FUMA), the document has been produced by the London insurance market’s Joint Rig Committee and is designed for use with facilities such as floating production and storage units (FPSOs), floating storage units (FSUs), tanker and other offloading systems, semi–submersibles, platforms and spars – floating oil platforms working in deep waters which are kept permanently on-station by means of mooring systems.
Floating units have traditionally been deployed for oil and gas exploration in more extreme environments such as the Arctic. Because of the complex network of anchor lines used by floating units to maintain a stable position – up to nine lines, each 2–3 miles long – they are vulnerable to mooring system failures and collisions.
FUMA has been published to assist underwriters in their risk selection by providing them with more information on the quality of mooring systems and the management processes employed to ensure their integrity.
Paul Dawson of Hardy Underwriting Agencies Limited and Chairman of the Joint Rig Committee, said:
“Permanently-moored floating facilities are increasing in number and size and are being deployed in more challenging locations. However, the age profile of these assets is increasing. Greater demands are being placed on mooring systems and these systems are often a critical part of production or export infrastructure.
“FUMA is the culmination of many months of work involving representatives of the insurance community but, importantly, also from the oil and gas industry including operators, other insureds and their industry associations. I would like to thank, on behalf of the Joint Rig Committee, all those who have made a contribution to this discussion.
“FUMA was drafted after extensive consultation with numerous external bodies. Its drafting coincided with representative body Oil & Gas UK’s review of its mooring integrity management process and their engagement with us was greatly appreciated.”
Copies of FUMA are available from www.lmalloyds.com/fuma.
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Notes to Editors
For further information please contact:
James Milne, Communications Manager
Lloyd’s Market Association
T 0207 327 8405
T 020 7623 2368
About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £26 billion per annum.
For more information visit: www.lmalloyds.com