Upstream
Control of well and extra expense limits, well type and depth, drilling contractor history, platform age and values.
KRUA reads energy submissions the way an underwriter does.
Broker submissions, engineering surveys and loss histories go in. You get back the exposures and gaps worth your time, each tied to the page it came from, and a draft memo to review. The decision stays yours.
MARKET REFORM CONTRACT
UMR B9999KR26SAMPLE
TYPE
Construction all risks, offshore wind farm
INSURED
Example Offshore Wind Ltd
PERIOD
30 months construction, plus 24 months maintenance
INTEREST
62 wind turbines, 9.5 MW, first commercial series; monopile foundations, array and export cables, offshore substation
Exposure. Little operating history for this turbine model. Read prototype and serial loss terms together.
SUM INSURED
USD 1,850,000,000
CABLES
Two export cables, 68 km each. Burial depth: to be confirmed
Gap. Cable installation is a common source of loss. Ask the broker for the burial risk assessment.
CONDITIONS
LEG 3/06 defects. Serial loss clause: not stated
Gap. 62 identical units and no serial loss terms. Raise before quoting.
DEDUCTIBLE
USD 2,500,000 each and every loss
Draft memo ready: 3 findings, 2 questions for the broker.
Most of underwriting is reading.
One energy submission can run to hundreds of pages: slips, surveys, schedules of values, loss runs and months of email. The judgment takes minutes. Finding what it should rest on takes hours, and the reasoning behind the decision usually stays in someone's head.
From submission to decision record.
Five steps, each one reviewable by the underwriter.
Intake
Add the submission as it arrives: PDFs, spreadsheets and email threads.
Read
Separate agents read the schedule of values, surveys, loss history and wording.
Check
Findings are compared with your underwriting guidelines and the line's known pressure points.
Draft
KRUA writes the memo: key exposures, questions for the broker, suggested conditions.
Record
After the decision, meeting notes become a structured record of what was decided and why.
Built for energy risks first.
Every line has its own pressure points. KRUA starts from them.
Offshore construction
Critical marine operations, marine warranty surveyor scope, transit and installation, delay in start-up, defects wording.
Renewables
Serial loss terms, cable installation and burial, technology track record, natural catastrophe exposure, maintenance cover.
How it behaves.
- You make the call.
- KRUA reads, flags and drafts. The underwriter decides.
- Every finding shows its source.
- Each flag points back to the document and page it came from, so it can be checked in seconds.
- The reasoning is kept.
- Decisions are stored with their context, so whoever picks up the account next can see why.
Built at the underwriting desk.
KRUA is built by Jon Choi, a reinsurance underwriter working on upstream, offshore construction and renewable energy risks in Seoul. It started as a way to get through submissions faster without losing the detail, and grew into a way to keep the reasoning too.
Jongwoon (Jon) Choi, founder