FLOATING UNIT MOORING ASSESSMENT



An Introductory Summary Guideline : The Joint Rig Committee Initiative


WHAT IS FUMA?


FUMA is a set of guidelines for the audit of key information related to mooring integrity.  Developed by the Joint Rig Committee (JRC) of the Lloyds Market Association(LMA), it is a process that identifies gaps in available information and provides best practice guidance to fill those gaps. It is an insurance industry response to an increase in mooring failure-related losses and claims. FUMA is a standardized risk-based engineering and inspection process that is designed to provide the assured, insurers, regulators and project teams with comprehensive mooring performance profiles.


FUMA IS INTENDED TO:

  • be an underwriting tool to support informed decision making.
  • create an international standard for verification of mooring integrity.
  • provide insights into sources and implications of operational mooring risks.

FUMA IS NOT INTENDED TO:

  • dictate operating standards to assureds.
  • be a warranty document.
  • impose unnecessary costs on the assured.

WHY IS IT NEEDED?


THE INSURANCE INDUSTRY HAS EXPERIENCED ESCALATING RISK AND LOSSES BECAUSE:
  • the size, insured value, and age of the World’s Fleet of Moored Units is increasing.
  • many moorings are failing prematurely.
  • environmental exposure is an increasing trend globally.

CHANGES TO OFFSHORE OPERATIONS ARE NEEDED TO MANAGE RISK BECAUSE:
  • class standards and their consistent application has proven to be lacking.
  • best practice design and general inspection are not adequate to understand risks and prevent failures.

FPSO/ FPU/ SPM/ MOPU/ FLNG:

Losses 2006 – 2013


Source: MatthewsDaniel



LOSS LOCATIONS

Mooring failures are a global phenomenon.

Source: AIG


WHAT IS ITS PURPOSE?


THE PURPOSE OF FUMA IS TO:
  • provide risk-based insights into the nature and severity of mooring risks.
  • identify the specifics of what isn’t known about the operating condition of mooring systems.
  • be an open and transparent process that includes all stakeholders and interested parties.

HOW IS IT APPLIED?


The FUMA process is a downloadable information framework that must be completed with all available mooring engineering, verification and inspection information.

To complete the FUMA process all gaps must be addressed.


LEVEL 1  

TECHNICAL : Remote review of all information from operator to identify gaps and recommend remedies

LEVEL 2  

A) TECHNICAL : Visit operator and review information available and address gaps identified at Level 1.

B) TECHNICAL : Visit to offshore facility and review information available and address gaps identified at Level 1.


LEVEL 3  

INSPECTION/ ENGINEERING : Focused visual underwater inspection and risk-based engineering analysis.

* Requires prior or simultaneous Levels 1 & 2

LEVEL 4  

INSPECTION/ ENGINEERING : Detailed quantitative underwater inspection and risk-based engineering analysis.

* Requires prior or simultaneous Levels 1 & 2


MOORING ASSESSOR COMPETENCY


  • FUMA is performed by an appointed independent competent mooring assessor.
  • The appointment of each assessor is agreed between insurers and the assured.
  • The mooring assessor must be experienced , accredited and competent to perform each specified level of FUMA to the highest international standards.


THE COSTS AND BENEFITS?

  • The costs of applying FUMA are minimal in contrast to the cost implications of a mooring failure.
  • The costs of FUMA may be offset by the discretionary use of the 2.5% premium engineering/ survey allowance.
  • Additional FUMA benefits include class and national regulatory compliance and high level integrity engineering verification.
  • Clients who adopt the FUMA process can expect improved insurance terms.
  • Clients who do not adopt FUMA risk restricted coverage and/or higher premiums.


FUMA helps build cooperative transparent relationships between insurers and their clients that will benefit the entire industry.


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