INSURANCE OF BUILDING RISKS

In the process of ship building, ship owners and shipyards will inevitably encounter various risks, and special insurance is required to provide protection. Shipbuilding insurance refers to the insurance with all kinds of ships under construction and floating objects on water as the subject matter of insurance.

The coverage of shipbuilding insurance covers the losses caused by various dangers on land and at sea during the whole construction period, as well as the additional expenses incurred therefrom and the economic liability for compensation to the third party.

Ship building insurance is mainly purchased by shipyards or shipowners to protect the losses, liabilities and expenses caused by insured accidents during the whole process of ship building, trial voyage and delivery.

 SMS - Builing Risk Rules - Version 1998.01