Builders’ risk cover is a special product designed for the ship building industry and containing both physical damage cover and third party liability. Depending on the policy wording cover may include liability for faulty design and owners’ own equipment. Cover is attaching from the keel laying and remains in force up until completion of sea trials. We can offer cover irrespective of the type and size of the vessel under construction. There is a special cover available for conversion risks.
SRL (SHIP REPAIRERS’ LIABILITY)
We provide quality insurance protection for ship repairers covering their liability for damage to vessels in their care, custody and control. Cover is based on mandatory laws and could also be designed as back-to-back liability solution in line with client’s own contracts. There are various extensions available, including liability for third party loss of life or bodily injury as well as for workmen employed by the shipyard whilst they are away from the site.
In addition to builders’ or ship repairers’ covers there are different possibilities to protect the yard against delay claims. Cover is tailor made and connected to the ship repair, conversion or building contract.
Any shipyard risk we write is based on JH143 risk assessment survey. We have partners specialized in shipyard risk assessment work, who we can recommend to our clients in connection to particular contract or on a general basis for risk management purposes.
In case of any questions or enquiries please contact our underwriters for more information.