Builder’s risk insurance covers repair and/or conversion work for vessel owners and mobile offshore unit owners if the regular hull and machinery policy will not extend to provide coverage due to the enhanced or altered risk. Ship repairer’s legal liability covers the legal liabilities and obligations that a ship repair yard will have for property damage to vessels in its care, custody, or control, including bodily injury and death of third parties.
Shipyards face complex and rapidly evolving challenges, from maintaining an experienced workforce, digital transformation, and environmental regulations, to name just a few.
Our specialist team works with shipyards of all sizes — from small bespoke to ultra-large individual or groups of shipyards, including offsite assembly.
We provide you with builder’s risk insurance and a range of additional insurance-based solutions for marine construction, conversion, and repairs.
Our experience includes:
- Sectors — all classes of state-owned or public, private, or commercial sector projects.
- Design — proven or prototypical.
- Projects — single vessel/project or open coverage for all contracts of construction, conversion, refit, or repair.
- Periods — single vessel/project, annual, or multi-year.
- Work — construction, conversion, refit, or repair.
- Coverage(s):
- Physical damage and ancillary risks.
- Third-party liabilities, directors’ and officers’ liability, and employee liability.
- Professional indemnity insurance for shipbuilders and repairers, together with naval architects.
- US Longshore and Harbor Workers’ Compensation Act.
In addition to our placement expertise, our marine claims advocacy team offers a range of services beyond traditional claims handling. We help you reduce costs and maximize efficiencies in casualty and property claims, before, during, and after a loss. Through our range of claims services, we have the skills and resources you need to meet your claims scenario, however large or complex.
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Construction of a new vessel or conversion or repair of an existing vessel involves a wide range of perils. These include accidents such as fire and explosion during construction, collision and/or sinking during trials, or physical damage as a result of faulty design and/or workmanship. Coverage also can be extended to include natural catastrophes, such as earthquakes.
Builder’s risk insurance covers shipyards and vessel owners, and can be extended to include subcontractors.