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SHIPBUILDING & MANUFACTURER
PROPERTY INSURANCE PROGRAM


Our roots at
Insurexchange lay in the design of specialty marine property insurance programs for shipbuilders of yachts and commercial vessels, boat manufacturers and manufacturers of structural components.  While our expertise allows us to design a sophisticated insurance program for the most complex of risks; our niche programs are designed to provide substantial underwriting credits for generally accepted risk management practices and procedures. 

Super - Mega - Giga Yachts & Commercial Vessels up to 100 metres:

Shipwrights and the vessels they build are protected within the standard program parameters up to $150 Million per occurrence for builders risk perils and $100 Million per occurrence for plant and equipment.   Coverage is written on a replacement and agreed amount basis.   This program is eligible for dividends based on favorable experience and a multi-year policy.   Excess limits are available for insurable exposures greater than $150 Million. 

Vessel builders of high-speed water taxis, patrol boats, ferries, pilot boats, cutters, tugs and other commercial craft are covered.

Builders risk insurance provides coverage against loss of or damage to the vessel during the course of construction from the laying of the keel and sea trials to delivery of the finished vessel. Coverage can be extended to include the entire building process as the vessel comes together including cover for engines, equipment and other components which are awaiting installation.  We recognize that many vessels are built in stages on and off yard premises and that contingency coverage may be necessary to ensure protection of the owner from an outside loss due to a value added vendors' failure to deliver components critical to the final completion. 

Custom Yacht Builders from 24 - 45 metres (79' - 148') :

Shipwrights and the vessels they build are protected within the standard program parameters up to $100 Million per occurrence for builders risk perils and $100 Million per occurrence in property values for plant and equipment.  

Course of construction insurance protects ship builders from loss of or damage to the hull and the machinery of a vessel during construction.  This builders risk Insurance attaches from the time construction commences, including during subsequent launching, sea trials and until delivered to owners

Repair Yards incl Custom Construction:

We recognize the importance of performance, reliability, minimal downtime, and ease of maintenance to shipwrights and naval engineers.   Many yards now have climate-controlled facilities.  Travelifts from 660 tons on up and to dry dock and air-cushion transfer systems are all covered.   Activities include painting, structural, propulsion or major refit work.

We provide property limits for plant and equipment up to $100 Million per occurrence; and vessels under construction up to $100 Million.   We can provide liability limits in excess of $500 Million where required. 

Boat Manufacturers:

We provide property insurance with the most competitive rates anywhere.   Boat manufacturers will range from single mold to assembly line with complex computer-controlled manufacturing processes.  Materials insured can include fiberglass, composite plastics, wood and aluminum.  Any size boat will be considered.    

Component Manufacturers:

Designed to provide property insurance protection for fabricators of fiberglass, plastics, wood and aluminum products for use in the boat and marine industry.   Target towards structural components such as swimming platforms, helms, seats, and other. Will consider ancillary items such as tarps, decking, outdoor marine furniture, holders, bimini tops, floating platforms, bumpers, ladders, whips, coolers, etc...

Benefits of Insurexchange:

Insurexchange point of differentiation is the expertise of our Insurexchange team and solution we provide which has earned us recognition as a market leader in construction risks. We provide extensive support and advice to our clients in the use of the most appropriate insurance clauses for their needs and, in particular, the tailoring of an insurance solution through identifying the risks. The depth of expertise and the extensive experience of Insurexchange ensure the best possible service.

 

Other Coverages We Provide For Marine Exposures:

Ship Repairerís Liability insurance covering vessels and equipment in the care, custody or control of the ship repairer, as well as damage to third party property and personal injury, arising in the course of their operations. Covers legal liability that arises in the course of a ship repair business. Offers a flexible solution for the ship repair sector. It provides comprehensive insurance that can be tailored for your own unique needs, whether you are operating a large commercial ship repair facility or operate as a sole trade providing maintenance or repair services to watercraft.

Policy features can include cover for liability arising from:

  • watercraft in care, custody and control
  • third party property damage and personal injury
  • products liability
  • ownership, tenancy or use of premises (including vehicle storage)
  • ownership, tenancy or use of berths, jetties, pontoons or moorings
  • pollution, including clean-up costs
  • consequential loss and loss of use of damaged watercraft
  • use of subcontractors
  • removal of wreck
  • damage to temporarily hired equipment
  • traveling workmen
  • legal defense, investigation and other mitigation costs
  • hot work liability.
Charterersí liability insurance for those companies which hire ships to carry their cargo or conduct their marine operations that can arise from their obligations under a Charter Party. Charterers are exposed to liability for damage to vessels, cargo, port infrastructure, personal injury and pollution. Charterersí liability is designed to provide cover for the contractual obligations and liability exposures faced by the charterers of vessels. Specific protection includes legal liabilities to the vessels or cargo owner for loss or damage and for third party liabilities faced by charterers arising from the operation of chartered vessels; and can include:
  • damage to the chartered vessel
  • damage to third party property
  • damage to cargo
  • pollution
  • personal injury
  • general average and salvage.

Marina Operatorís Legal Liability (MOLL) insurance covers the exposures arising form services offered by a marina operator. Cover can be tailored to suit individual operators and can include liability for vessels in care, custody and control, ship repair risks, fuel supply risks, pollution risks, security risks and general third party liability risks including tenantís liability and vehicle storage liability.

Insurexchange recognizes marina operators are exposed to both land and marine liabilities including berthing, mooring, storage, fueling, ship repair, maintenance; and land based services including vehicle storage, retail, residential and commercial facilities. Coverage can include:

  • loss or damage to watercraft in your care, custody and control
  • ship repair, storage, moorings, hauling out and fueling services
  • movement of vessels
  • third party property damage
  • third party death or personal injury
  • premises risks
  • defense costs.



Protection and Indemnity Insurance (P&I)
provides legal liability coverage arising out of the operation of a vessel. Typical P&I claims and liability exposure include personal injury claims, collision liability, damage to fixed and floating objects and pollution liability. Coverage includes third party injury, collision, pollution, cargo liability, wreck removal, fines, quarantine expenses, towage liability, crew repatriation, confiscation of ships by customs, charterer's liability and hull damage, salvage extension, freight, demurrage and defense (FD&D) and war. Including brownwater.

Terminal Operators Legal Liability insurance protects marine terminal operators and stevedores from liability including damage to customer's ships, cargo, containers and equipment as well as other third party risks including personal injury. They also include exposure to financial loss incurred by their customers arising from delay, misdirection of cargo or wrongful delivery of cargo.

Cover includes liability for:

  • loss or damage to cargo, customers' equipment and ships

  • errors and omissions including delay and unauthorized delivery

  • damage to third party property

  • personal injury

  • fines & duties and

  • investigation, defense and other specified costs.

 

Marine cargo insurance provides protection for goods or livestock from physical loss or damage when they are imported to or exported. The insurance can be conveniently extended to cover the insuredís inland transits under the same policy. Import and export cover is based on Institute Cargo Clauses (Clauses) and can be tailored to suit an individual clientís particular requirements. The Clauses are published under the auspices of the International Underwriting Association of London and are internationally accepted. Cover under the Clauses can range from major perils to all risks, with separate clauses for air cargo and specialized commodities.

Inland Marine Cargo insurance provides protection over the land.

Other coverages provide for clients include commercial auto, crime, motor truck cargo, umbrella, workers compensation, USL&H, Jones Act, Maritime Employers Liability.
 

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