Builder's Risk Hull Insurance in UAE

Builder Risks Hull Insurance | Al Buhaira Insurance

Building ships is a large, complex undertaking, and undesired events can occur at any time. ABNIC’s Hull Builder’s Risk coverage insures builders or owners against physical loss or damage to vessels during the construction period.

Our Hull Builder’s Risk insurance policy covers collision liability as well as protection and indemnity (P&I) exposures during trial trips and can also be extended to cover delivery trips. To help simplify your risk management process, our coverage is provided on standard marine industry forms, and limits are offered on per-vessel and/or per-yard basis.

Builder's Risk Hull Insurance in the UAE is a crucial protection for individuals and businesses involved in the construction or renovation of vessels. This insurance covers the risks associated with the hull during the construction phase, providing financial security against potential damages or losses.

Key Features:

1. Coverage during Construction:
   • Protection for the vessel's hull during the entire construction period.
   • Safeguards against damages caused by perils like fire, theft, vandalism, and natural disasters.
2. Customizable Policies:
   • Tailor your insurance policy to suit the specific needs of your project.
   • Additional coverage options for equipment, machinery, and third-party liabilities.
3. Financial Security:
   • Ensures financial compensation for repair or replacement costs in the event of covered perils.
   • Mitigates the risk of financial loss during the construction phase.
4. Transit Coverage:
   • Extends coverage to include the vessel during transit from the construction site to its destination.
5. Experienced Underwriting:
   • Access to skilled underwriters who understand the marine construction industry.

Benefits:

1. Risk Mitigation:
   • Minimize financial risks associated with hull damages during construction.
2. Peace of Mind:
   • Focus on the construction process with the assurance that potential risks are covered.
3. Project Continuity:
   • Safeguard against delays by ensuring quick compensation for covered damages.
4. Comprehensive Protection:
   • Coverage for a wide range of perils, ensuring all potential risks are addressed.

Claim Process:

1. Notification:
   • Inform the insurance provider immediately after discovering a covered event.
2. Documentation:
   • Submit a detailed claim report along with supporting documents such as photos and repair estimates.
3. Assessment:
   • The insurer will assess the claim and may conduct on-site inspections if necessary.
4. Claim Approval:
   • Once approved, compensation will be disbursed to cover the repair or replacement costs.

Required Documents:

1. Claim Form:
   • Duly filled and signed claim form.
2. Incident Report:
   • A detailed report of the incident leading to the claim.
3. Photographic Evidence:
   • Clear photos depicting the damages.
4. Repair Estimates:
   • Quotations from authorized repair facilities.

Frequently Asked Questions