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 such as subsea equipment used by 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. Other, similar equipment can be insured in the marine equipment market, as well as equipment 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.