3.3 Insurance


In order to offset the financial consequences of a risk, the Group has taken out several insurance policies. The main policies cover both property damage and operating losses, and civil liability.


Specific policies have also been put in place for the Group’s newly-developed businesses.


Lastly, the Group has also taken out a policy covering its Senior Managers’ civil liability.


Insurance programs are taken out with leading international insurers and reinsurers. The Group believes that these are appropriate to the potential risks related to its businesses. Nevertheless, the Group cannot guarantee, in the event of a claim, in particular of an environmental nature, that all of the financial consequences would be covered by the insurers. Nor can the Group also guarantee that it will not suffer any losses that are uninsured.


3.3.1 Rubis Énergie (retail & marketing and support & services activities)


International programs taken out by Rubis Énergie on behalf of itself and its subsidiaries have been renewed with leading insurers. PROPERTY DAMAGE AND PARAMETRIC INSURANCE


The “All Risks except” policy was renegotiated for one year with modified guarantees and a significant increase in premiums.


The Damages guarantee in the event of fire and similar events provides compensation in the amounts of €200 million per claim for terminals and €15 million per claim for gas stations. The ceiling was calculated on the basis of the maximum amount of possible loss.


Our exposure to natural events, particularly in the Caribbean, is covered in the amount of €15 million per claim and per event.


As the deductibles for natural events have increased, a parametric hurricane insurance policy has been set up covering sites in the Caribbean, with compensation capped at €5 million.


In compliance with local laws, the Group’s international program is taken out, in subsidiaries located outside the European Union, with the local network of our lead insurer, with the Group policy providing coverage where there are differences in terms and limits. CIVIL LIABILITY


The Group program covers operating liability and post-delivery liability. Coverage amounts to €150 million per claim, all damages included, and the program has been renewed with the same insurers.


In compliance with local laws, the Group’s first-line international program is taken out, in subsidiaries outside the European Union, with minimal coverage from our insurer’s local network, with the Group policy providing coverage where there are differences in terms and limits.


The Group’s Environmental Liability policy has been renegotiated for two years for Rubis Énergie and its subsidiaries. Compensation is capped at €40 million per claim, covering environmental liability, damage to biodiversity and clean-up costs.


Due to its refining activities, SARA has renewed specific first-line cover for two years in the amount of €20 million per insurance period, with the Master program in the second line.


The Group’s Global Aviation Liability coverage taken out for its subsidiaries distributing aviation fuel has been renewed under the same conditions in the amount of US$1 billion for risks related to damage caused to third parties during refueling. SHIPPING


Charterer’s Civil Liability insurance has been taken out with a P&I Club, a member of the International Group, with guarantees of US$500 million and US$1 billion in the event of pollution for the entire Group. The five shipowning companies are covered by the same P&I Club belonging to the International Group, for their civil liability.


Group Master Cargo insurance has been renewed to cover damage to goods, capped at US$60 million for all Rubis Énergie subsidiaries.


A vessel Hull policy has been taken out to cover for damage and machinery breakdown. OTHER RISKS


A Political Risk policy (excluding the mandatory pools) has been taken out in the amount of €80 million. A local policy was taken out in Haiti to cover our gas stations, which the insurers had excluded from international programs.


The Cyber policy has been renewed for European countries subject to the GDPR, including Switzerland.



3.3.2 Rubis SCA




Senior Managers of Rubis SCA and its controlled subsidiaries are insured, as are Senior Managers of designated 50%-owned joint ventures.


The policy covers the financial consequences of damage resulting from any claim involving the individual or joint and several civil liabilities of the insured and attributable to any professional misconduct committed by such insured in the performance of their management duties.


The maximum amount of cover is set at €15 million per year for front-line insurance, €10 million per year for second-line insurance and €25 million per year for third-line insurance, all losses combined.