A shipyard presents a unique set of risks. Lockton Marine’s experts help clients protect themselves from these risks today and - critically - mitigate them in the future

Shipbuilders’ risks

A shipyard presents a unique set of risks. Lockton Marine’s experts help clients protect themselves from these risks today and - critically - mitigate them in the future.

Shipbuilders’ risks

    Each shipyard has a particular risk profile and combination of exposures, based on the different types of vessel under construction. Identifying these exposures is a specialist skill.

    Our team works side by side with clients to develop bespoke solutions which cover physical loss or damage to a vessel while under construction as well as thirdparty liability cover, damage from faulty design, sea trials, waterborne war risks and strikes. We can also add physical loss or damage extensions appropriate to specific building work.

    If your shipyard is exposed to cargo risks, we can arrange insurance for these too, including parts and machinery during transportation and storage, towage of a vessel from a subcontractor’s yard and expenses incurred by the yard following a postponed launch.

    Products and additional services

    Products

    Ship repairers’ liability, including:

    • Voluntary removal of wreck

    • Strikes

    • Liability for third-party bodily injury

    • Liability for demurrage and similar expenses

    • Certain contractual liabilities

    • Pollution

    Conversion risks, including:

    • Loss or damage to vessel being constructed or converted

    • Failed launch

    • Collision liability

    Additional services

    • Contract review

    • Risk advisory

    • Claims consulting

    • Lender requirements

    Delayed delivery

    • Covers costs not recoverable under builders’ insurance in event of a loss, including architect fees, cost of sending superintendents to the yard, and loss of charter line

    Owner controlled projects, including:

    • Builders’ risks

    • Cyber risk

    • Delay delivery

    • Special delay delivery

    • Extended guarantee risk

    Talk to a Shipbuilders’ risk specialist

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