In our previous blog article (below) we outlined our view on structural issues facing the insurance market for subsea power cables and the fact that is not operating classicly as a market. I.e. it’s a little broken and the consumer is the one who is picking up the bill…
We also promised in the article not to sit and throw rocks, but to try and help by publishing a set of requirements for condition monitoring that we hope Insurers, Brokers & Asset Owners can take and exploit. We are publishing this today under a CC-BY Creative Commons Licence which gives ANYBODY the freedom to take, modify, expand, republish, make a profit from and even change the licence. We are not controlling use of this – it is free to use.
We use it to set the requirements for our work in cable assessment which we then undertake using our own proprietary processes – how we set out to achieve the specified outcomes.
Now you may be expecting a document laden heavy with “must use fibre optics” etc. in it – WRONG. The whole document is technology agnostic. It doesn’t encourage adopters to use fibre optics or Indeximate at all. That’s OK. Rather we’ve written it after deep consultation with insurers, the insured and other stakeholders from the perspective of OUTCOMES – i.e. after performing some cable health monitoring activity (permanent or time bound) what do I now KNOW about the cable as compared to before. Every technology provider is free to respond to a document like that. Better approaches will tell more about the cable with greater resolution of coverage and cost the requestor less. We leave that to the document user to work out.
So, NO, fibre optics only get a mention a mention under our own declaration of self-interest up front.
So what do we hope by issuing this document? Well, we want to encourage the conversation, we’d be happy for competitors to use this, clients to use this – whether insurer or insured.
OK so after all the fanfare – here’s the document. Let us know what you think. Write to us at firstname.lastname@example.org, or comment on our LinkedIn Post. If you’d like an editable WORD version then again drop us a line – we are happy to help.