In the mid- to late-1960s, as the global population turned its eyes upward to the skies and the space frontier, some instead looked in the other direction, choosing to focus on the best strategies for exploring the deepest depths of the Earth’s oceans. After the U.S. Navy used a remotely operated underwater vehicle (ROV) to locate a bomb that had sunk in the Mediterranean Sea following a plane crash, commercial entities with marine interests saw a new possibility for underwater exploration.
Since that time, ROVs have evolved considerably, to the point where they are valuable to a number of different industries, including oil and gas, science and research, and construction. ROVs are versatile devices that can be modified according to the desired application.
For all their benefits, though, ROVs are costly to produce, operate, maintain and replace, if necessary. Without ROV insurance, commercial entities are exposing themselves to a considerable level of risk. Given the harsh, distant environments in which these devices operate, and the limited control operators may have over them, the risk of damages or loss is relatively high.
Given the complicated nature of ROV insurance, you may be wondering what the best strategies are for protecting your investments in these devices. With 25 years of experience insuring ROVs and providing marine insurance to businesses with interests out on the water, Fisk Marine Insurance International has the resources to find the solution best suited to your needs. We’ve made marine insurance our sole focus, so our understanding of the needs of our clients is unmatched.
The basics of ROV ownership and management
The amount of equipment needed to engage in commercial or scientific exploration underwater is considerable – tools, meters, sonar devices, diving gear, video and photograph devices and, perhaps the most advanced of them all, ROVs.
ROVs are valuable vessels for commercial entities. Since they are unmanned, they are able to plunge deeply into bodies of water – to depths that are not safe or convenient for humans to dive. They are tethered to ships via umbilical cables, which allows the operator – situated safely aboard a ship – to control them remotely using a combination of joysticks and imaging equipment. ROVs can be outfit with a number of different tools depending on the needs of the ROV operator, including:
- Measuring instruments (i.e. temperature)
- Robotic arms
- Water sampling devices.
The fact that ROVs can be modified with so many tools makes them one of the more versatile devices a marine entity can own and it is the reason why they are appealing to so many different industries.
But, should any of these ROV attachments become damaged or lost, businesses that rely on these devices could see their services come to a standstill until they are repaired or replaced. With proper ROV insurance, owners of these critical pieces of equipment can focus on their work at hand, knowing they are in good shape should a covered loss occur.
What sets Fisk Marine Insurance International apart
Fisk Marine Insurance International personnel have been providing marine organizations with competitive rates for ROV contractors insurance, commercial diving insurance, ROV manufacturers insurance and a number of other specific forms of marine insurance for the last 25 years, so we understand the needs of these specific organizations.
Our experience has helped us to identify insurance solutions that address specific liabilities and mitigate risks for our clients. The marine insurance world is one we understand well, and with us as your partner, you will be able to navigate its rough waters with minimal difficulty.