engleski

Shipbuilders' risk insurance contract

Shipbuilders' risks insurance protects the builders from the loss of or the damage to the vessel under construction. It covers the entire period of construction until the delivery of the completed vessel to the buyer. The subject matter of insurance is the hull with all its parts and appurtenances, including materials, parts, engines and equipment that are awaiting installation. The standard coverage further includes the protection against certain liabilities arising out of the ownership of the vessel. The cover is commonly contracted on an “all risks” basis subject to several standard exclusions. The insurance can be for the total value of the vessel, or it can be adjusted upwards according to the construction phases. Shipbuilders’ risks insurance in the world markets is mostly standardised and based on internationally recognised clauses, such as the Institute Clauses for Builders’ Risks 1/6/88. The aim is to explain the main features and particularities of the internationally recognised terms and conditions of the shipbuilders' risks insurance contracts.

marine insurance; shipbuilding; builders' risks

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