The Marine Builder’s Risk insurance policy is designed to cover a vessel and related property and materials. Coverage can be placed for the builder or owner of the vessel and insures against physical loss or damage to the vessel and collision liability and protection and indemnity exposures during sea trials and delivery.
The policy can be written for the construction of a specific vessel or for a builder’s ongoing construction operations
In essence, Marine Builders Risk Insurance starts with laying of the keel, continues through the period of building, sea trials and ends with delivery of the ready vessel to the customer. Thereafer, the vessel is covered by a Hull & Machinery Policy.
Typically, the Marine Builders Risk policy covers:
- Loss of or Damage to the vessel (total or constructive) during the period of building, trials and during launch
- General Average and Salvage
- Building Defects
- Expenses relating to mitigation of any loss
The relationships that we have built over the years with our extensive network of insurers means that we are able to negotiate and deliver the most relevant insurance cover, not only competitively priced but also with the widest possible coverage available to match our customers’ needs.