3.3 Insurance

The Group has taken out several insurance policies in order to offset the financial consequences of materialised risks. The main policies cover both property damage and operating losses as well as civil liability.

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

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

Insurance programmes are taken out with leading international insurers and reinsurers. The Group believes that these programmes are suited to the potential risks linked to its activities. However, the Group cannot guarantee that in the event of a claim, and an environmental claim in particular, all financial consequences will be covered by insurance. The Group also cannot guarantee that it will not suffer any losses that are uninsured.

3.3.1 Rubis SCA

Senior Managers’ civil liability

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 incidents resulting from any claim involving the individual or joint and several civil liabilities of the insured persons and attributable to any professional misconduct committed by such insured persons in the performance of their management duties.

The cover is capped at €10 million per year for front-line insurance, €10 million per year for second-line insurance and €30 million per year for third-line insurance, all losses combined.

3.3.2 Rubis Énergie (Retail & Marketing/Support & Services)

International programmes 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 the same insurers.

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 service stations. This contractual limit was calculated on the basis of the maximum amount of possible loss.

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

A parametric hurricane insurance policy has also been set up covering sites in the Caribbean, with compensation capped at €5 million.

In compliance with local laws, for subsidiaries located outside the European Union, Rubis Énergie’s international programme is taken out with our lead insurer’s local network. Rubis Énergie’s policy provides coverage where there are differences in terms and limits.     Civil liability

Rubis Énergie’s programme covers operating civil liability and post-delivery civil liability. Coverage amounts to €150 million per claim, all damages included, and the programme has been renewed with the same insurers.

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

The Group environmental civil liability policy was renegotiated in 2022 for a term of two years for Rubis Énergie and its subsidiaries. Compensation is capped at €40 million per claim and covers environmental liability, damage to biodiversity and clean-up costs.

Due to its refining activities, SARA renegotiated its contract as of 1st January 2022, providing specific first-line cover for two years in the amount of €20 million per insurance period. The Master programme provides second-line insurance.

The aviation liability coverage taken out by Rubis Énergie for its subsidiaries that distribute aviation fuel has been renewed under the same terms in the amount of US$1 billion for risks related to damage caused to third parties during refuelling.     Shipping

Charterer’s civil liability insurance has been taken out for all Rubis Énergie’s activities/subsidiaries 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. The eight vessel-owning companies are covered for their civil liability by the same P&I Club belonging to the International Group.

A Group cargo insurance policy was renewed to cover damage to goods. It is capped at US$70 million for Rubis Énergie and its subsidiaries.

A vessel hull policy has been taken out to cover for damage and machinery breakdown.     Other risks

A political violence policy (excluding mandatory pools) was subscribed for €80 million to cover the Group’s depots and service stations.

3.3.3 Rubis Photosol

The insurance programmes taken out by Rubis Photosol on its behalf and that of its subsidiaries have been renewed with leading insurers specialising in the renewable energy sector.     Damage occurring during the construction phase

During the photovoltaic facility construction phase, Rubis Photosol has two insurance policies: a project owner’s civil liability policy (RCMO) and an All Risks Site Assembly Tests policy (TRCME).

These two policies were renewed in January 2022 with the same insurer for a period of three years. The renewal took place under conditions identical to those in force in 2021.

These policies cover all photovoltaic facilities under construction from the moment a prior declaration is made to the insurer.

The RCMO covers each declared company developing a photovoltaic installation project against the consequences of its civil liability during construction sites up to an amount of €10 million, all damages combined.

The TRCME policy covers in particular claims related to fire, attacks, vandalism, theft, bad weather (storms, snow, hail), and natural disasters.

All of the assets comprising the power plant, with the exception of the HTB items, are covered.

The insured capital represents 10% of the amount of the damage coverage per plant, with a maximum of €1 million.

An anticipated loss of revenue policy is also put in place for all projects in the amount of the annual revenue of the facility concerned over a 12-month period. As no revenues have been generated at this date, this is an estimate of annual revenue.     Damage occurring during the operational phase

The Rubis Photosol insurance programme in the operational phase includes, on the one hand, the breakage of photovoltaic facilities and property damage policy and, on the other hand, the loss of revenue policy.

These two policies were also renewed in January 2022 under identical conditions to the previous ones.

The photovoltaic facilities breakage and property damage policy covers all facilities (roofs, shades and ground) up to the declared value of each one. Claims resulting from fire, attacks, vandalism, theft, bad weather (storms, snow, hail) and natural disasters are covered under this policy.

Loss of revenue is intended to compensate the company covered for loss of revenues caused by any claim during the operating phase, for a period of 12 months.     Civil liability

An electricity producer civil liability policy covers each company developing a photovoltaic facility, regardless of the type of facility.

Damages arising during construction in terms of civil liability are covered annually for an amount of €10 million and during the operating phase for an amount of €6.5 million.

Rubis Photosol’s servicing and maintenance subsidiary, Photom Services, has its own civil liability coverage. Thus, Photom Services has taken out professional civil liability in the amount of €8 million per claim and per year. It also benefits from a 10-year civil liability.

All of these policies were also renewed for a period of three years from 1st January 2022.