categorytitle / Research Update .
  • time : 12:45:22
  • Date : Tue Oct 26, 2021
  • news code : 5005
Call for Proposal on the Examination of WELCAR Policy Wording
In the few Persian resources that deal with all risks policy packages for onshore and offshore construction projects, various translations are offered for the same policy. However, there must be a consensus on the wording of such policies that are approved by the insurance regulator in order to prevent any inconsistencies in risk assessment and claim settlement procedures.

Our country is among the few countries that are linked to waterways in the north and the south. Thus, all the onshore and offshore projects must be covered by WELCAR policy packages. Given the vast development of oil and gas activities and the requirement for customized insurance coverages, several insurance products have been developed with this purpose.

In the few Persian resources that deal with all risks policy packages for onshore and offshore construction projects, various translations are offered for the same policy that the eldest available document dates back to 2001. Given the status and role of the Central Insurance of I. R. Iran (CII) in supporting the insurers, developing a formal translation of WELCAR policies approved by CII in order to have consistent wording across all the policies issued is essential for the insurers specially when dealing with risk assessment and claim settlement.

Accordingly, Insurance Macro Studies Research Group of IRC has intended to announce a call for proposal on the examination of various types of offshore policies with the main focus on WELCAR wordings. The research project is aimed at clarifying the ambiguities in the present policies covering offshore projects, the way the coverage subject is presented, the insurers, clauses, exclusions, assessment terms, claim settlement and etc. included in the general terms and conditions of WELCAR policy, comparing the changes made in the latest version of such policies, examining the ambiguous sections of the policy, and providing suggestions for more clarification in the policy wording.

It is expected that the project paves the ground for offering standard and formal translations of WELCAR wordings that are approved by CII, understanding the 2001 version of the WELCAR wording and its new version, and gaining the general knowledge about policies issued in marine lines.

If interested to collaborate with the project, please send your proposal until November 17, 2021 to the email address: proposal[at]irc.ac.ir.

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