Harris Balcombe appointed to resolve war zone pipeline dispute
Korea Gas Corporation, the world’s largest importer of liquefied natural gas, has appointed claims specialist Harris Balcombe following a pipeline construction loss in Iraq that is reinsured in the London market.
Last summer Islamic State terrorists overran the construction sites and pipeline causing extensive damage and removing a significant quantity of equipment and materials.
The IS actions stopped construction work on the pipeline, which was commissioned on behalf of the Iraqi government, and triggered the political violence insurance policy held by KOGAS.
Harris Balcombe has been instructed to prepare and present the claim and to address the numerous issues that arise in dealing with a claim of this magnitude and complexity.
Alex Balcombe, director at Harris Balcombe, commented: “We are confident of being able to move things forward despite the obstacles faced in dealing with a loss in an IS controlled part of Iraq.”
Ms Kim at KOGAS added: “Since the loss occurred last summer we have run into a number of issues during negotiations with our reinsurers. By instructing Harris Balcombe we will benefit from their technical insurance expertise as well as the specialist resource their assessors can provide in preparing and presenting our claim.”
The case not only highlights the London market’s ability to underwrite and reinsure the most complex risks in the world, but also the expertise the UK has in assessing intricate losses.
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