Shipbuilding insurance
Shipyard risk insurance is the basis for the operation of each shipyard.
Their purpose is to provide protection for the investor and the contractor against the effects of events interfering with the process of building, repairing or launching a ship. They are concluded on the basis of institute clauses intended for the shipbuilding industry:
- Institute clauses for Builders’ Risks
- Shiprepairer’s Liability Clauses
The subject of shipbuilding insurance may be:
risks related to the construction of vessels carried out at the shipyard
launching risks and shipping risks during sea trials
civil liability of the shipyard in connection with the repair work carried out on ships transferred by shipowners to the shipyard
Shipbuilding insurance is a type of insurance that provides protection for shipyards and companies involved in the production of ships and vessels. It is a civil liability insurance that protects the company against the financial risk resulting from liability for damage caused as a result of the production of a ship or watercraft.
The role of shipbuilding insurance is very important because it ensures security and financial stability for the company. In the event of damage, the shipbuilding insurance covers the costs of repair and compensation for the victims. It also helps to protect the interests of investors and market participants. Shipbuilding insurance also strengthens the company’s competitive position on the market, as it ensures its stability and security.
