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Insurance for BlueROV


(Drew Fulton) #1

Does anyone carry insurance for your BlueROV in case of damage or loss in the field? I’m curious and would love to hear any recommendations or suggestions if you do. I split time between Canada and the US so recommendations in either country would be much appreciated.

Thanks,
Drew


(Luis Gamez) #2

That would be nice to hear! I´d also like to know about this


(Todd Sparkes) #3

Drew,
Having insurance in place is pretty much a requirement on most jobs. It is not for coverage of lose or damage to your equipment. It is liability coverage incase you are sued by a client. For example if you do a hull inspection and your ROV goes through a thruster causing damage to the thruster you could be liable for any repairs required to the thruster. Liability is the cheapest part of insurance. Then there is a clause called Errors and Omissions. This is in place again to cover you if you are sued but this is relating to information and advice you give to a client. For example if you do a survey on a dock and after the survey you tell the client the dock looks safe for normal operations. Two days later the dock collapses. You could be sued for any material and personnel damages or injuries. As a ball park figure you are looking at over $8000 per year in Canada. Compared to lose of the ROV a lawsuit could destroy a company and a career. Hope this answers your questions.


(Drew Fulton) #4

Hey Todd,
Thanks for the info. I’m not using the BlueRov in a commercial application but rather for academic research where the price of the ROV is a significant part of the budget and if we had a loss in the field, it would impact the entire field season. If I was doing or do commercial work in the future, I will definitely get liability and E&O but for now I am specifically interested in insuring the actual ROV against loss or damage.