As a ship builder or marine manufacturer your aim is to provide clients with dynamic products that meet the needs of the modern shipbuilding industry. To do that, you need state-of-the-art materials, parts and accessories, heavy-duty machinery and a sophisticated work facility. To protect all of those investments you need to have a Builders Risk policy that matches them.
From the moment you start laying the keel to the completion, final delivery and sea trial you need to be protected against loss or damage to property, damage arising from faulty design, strikes coverage and more. To do this it is imperative that you and your yard have the best possible insurance for all of your projects and the specific exposures inherent to the tasks at hand.
Key coverage(s) in a Builders Risk policy include:
- Loss of damage to materials, parts and accessories at other premises in the same port
- Sea trials (up to 250 miles)
- Failure to launch
- Damage due to faulty design
- Automatic Escalation Clause
- Protection & Indemnity
- Collision liability
- General average
- Legal and labour expenses
Builders Risk insurance is typically an “All Risk” policy under the Institute Builders Risk Clauses, subject to certain exclusions, including protecting you against damage to vessels under construction. It can be arranged on a single project basis, as blanket open coverage depending on the period of construction, type and number of vessels being constructed, on an annual basis or simply based on the value of your construction contract.
As you can see, Builders Risk insurance works best when tailored to a builder’s specific needs. Our knowledge enables us to do just that. For more information regarding Builders Risk insurance and how it applies to you and your business contact us directly today.