Document Type : Original Research Paper

Authors

• A. Hayati ¹
• M. Najafikhah ²

¹ Department of International Commercial and Economic Law, Faculty of Law and Political Science, University of Tehran, Iran

² Department of Private Law, Higher Institute of Management and Planning Education and Research, Tehran, Iran

Abstract

Purpose: The action of oil companies to explore and develop oil and gas fields in deep waters, remote and far from land, has led to an increase in demand for complex insurance solutions. Based on this, the present article has been compiled with the aim of examining the most important legal points of the most common form of insurance related to construction projects in the offshore oil industry, known as "Volcar", which despite its importance and use, the examination of its provisions in previous domestic studies There is no history.
Methodology: The present comparative study was done with descriptive-analytical method.
Findings: This research has first given an introduction to construction projects. Then, he explained the nature, topic, importance and main reasons for compiling Volkar insurance policy. The major findings in the policy terms section include the identification of multiple insurers, the duration of insurance coverage for various equipment, and how defective parts are covered. In the final section, which is about the effects of the insurance policy, the effect of the violation of the terms of the insurance policy by one of the policyholders on the rights of the other policyholders and the obligations of the parties has been examined.
Conclusion: The results of the research indicate that the predominance of insurers' concerns in some issues of this project and all-risk insurance policy, such as the conditions of insurance coverage of defective parts, has led to the formulation of clauses that preserve most of their interests.

Keywords

• Construction
• Risk
• Contract
• All Risks Insurance
• WELCAR