Boat Builders’ Insurance
You're covered.
For a variety of risks associated with the construction, repair, and maintenance of superyachts.
Boat builders’ insurance, often referred to as marine builders’ risk insurance, is a specialised form of coverage designed to protect boat builders from a variety of risks associated with the construction, repair, as well as the maintenance of vessels. This type of insurance is essential for businesses involved in the boat building industry, because it provides comprehensive protection against potential financial losses due to accidents, damages, liabilities, and other unforeseen events.
Boat Builders’ Insurance
Key Features.
The following shows the standard key features for our Boat Builders’ Insurance policies. Yet, at Superyacht Insurance Services, our products and service are anything but standard. We will work with you to design and build a bespoke policy that is uniquely tailored to you and your superyacht.
Builders' Risk Coverage
Physical Damage
Covers physical damage to vessels under construction, including damages from fire, explosion, theft, and vandalism. As well as weather-related incidents.
Materials and Equipment
Protects materials, equipment, and machinery used in the construction process, whether on-site or in transit.
Liability Coverage
General Liability
Covers legal liabilities for bodily injuries or property damage to third parties occurring on the premises or due to the boat building operations.
Product Liability
Protects against claims of property damage or bodily injury caused by defects in the finished vessels.
Completed Operations
Covers liabilities arising from work performed after the project is completed and delivered to the client.
Protection for Tools and Equipment
Tool Coverage
Insures tools and equipment used in the boat building process against theft, damage, or loss.
Employee Tools
Often includes coverage for personal tools owned by employees and used in the business.
Business Interruption Insurance
Income Loss
Covers loss of income due to interruptions in business operations caused by a covered peril, such as a fire or natural disaster.
Extra Expenses
Covers additional expenses incurred to continue operations or minimise the suspension of business activities.
Pollution and Environmental Liability
Pollution Cleanup
Covers costs associated with the cleanup of pollutants or hazardous materials released during construction, as well as repair activities.
Environmental Damage
Protects against claims for environmental damage caused by the boat building operations.
Workers' Compensation
Employee Injury
Provides coverage for medical expenses, lost wages, and rehabilitation costs for employees injured on the job.
In conclusion.
Let's talk.
Boat builders’ insurance is an essential component of a comprehensive risk management strategy for businesses involved in the construction, repair, and maintenance of vessels. Therefore, by securing this type of insurance, boat builders can protect their investments, ensure business continuity, and provide a safe and secure working environment for their employees. This coverage offers peace of mind by mitigating the financial and legal risks associated with the complex and high-stakes nature of boat building projects. If you’d like to arrange cover, please get in touch.
