This work offers an overview of the oil and gas insurance market. It addresses market credits, how oil and gas insurance product developed and their function, and analyzes the types of claims and litigation arising, as well as alternative means of dispute resolution. Relevant EC Directives and their impact on placing oil and gas contracts are examined as are approaches to mutural indemnities in North Sea Contracts. In the context of the increasing magnitude and sophistication of the international oil and gas industry, the critical role of risk management is considered.