Marine Equipment Insurance
What is Marine Equipment Insurance?
NMU is a market leader in the field of marine equipment insurance, covering remotely-operated (ROV) and autonomous underwater (AUV) equipment, owned or operated by specialist contractors to the offshore oil and gas industries, as well as many other types of subsea equipment for the research and leisure sectors.
ROVs, AUVs (and similar marine equipment) are used to carry out inspection and physical tasks underwater, often at considerable depth, plus the control and other equipment that remain topside. As well as exploration and production, equipment is also used for the commissioning and decommissioning of platforms and other production infrastructure. And, marine equipment is increasingly being used in a variety of maritime tasks unrelated to the oil and gas industry.
Other, similar equipment that can be insured in the marine equipment market includes renewable energy devices, as well as equipment typically used by the oil and gas industry on platforms or onshore, for example, integrity-testing equipment. Who Needs Marine Equipment Cover? Equipment is typically owned and used by specialist contractors and service providers. It might be hired in, and of course those who hire it out will want to protect their investment as well. As ROVs and the like become more commonplace, many universities and other research establishments own and/or operate equipment themselves.
Why is Specialist Cover Needed?
Many other types of insurance can offer cover of one sort or another for marine equipment, but most will exclude equipment whilst being tested, worked upon and whilst in use in water.
For more information about Marine Equipment Insurance, contact your NMU Development underwriter or Sian Griffiths, Marine Equipment Underwriting Manager – 0121 237 2010.