A marine builders risk policy is designed to be an extension to the existing insurance and is designed to cover a vessel, or vessels, whilst in build and under construction. The cost of materials used will increase over time from the start of construction through to final delivery to the customer, so it’s important the sum insured reflects this.
Cover includes liability for sea trials and demonstrations and can be extended to included delays in delivery as boat builders generally are against strict timescales to have boats ready for new owners, so any form of delay can have a significant impact on this.
We can place cover as an extension to existing covers such as:
- Plant, machinery, fixtures and fittings
- Tools, stock and contents at/or away from the premises
- Public and products liability for work on recreational and non-recreational vessels
- Employers’ Liability
- Stock of vessels
- Goods in transit
- Other bespoke requirements e.g. cyber protection, legal expenses, directors and officers insurance