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Shipyard Insurance

shipyard insurance
ALIGNED - CLICK HERE to get a FREE insurance quote now - Header - June 2021
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From yachts to cruise liners, building ships is dangerous and risky work. Our shipyard insurance coverages are customizable to meet your exact risk and liability protection needs such as liability coverage for vessels over which you have care and control, Protection and Indemnity coverages, and more. We work with carriers who have the appetite and expertise for marine liability – ensuring your shipyard has the protection it needs.

What Are The Typical Shipyard Liability Risks You Should Prepare For?

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A lot can happen between design, build, sea trials and delivery. In a shipyard, losses and legal liability can happen in the blink of an eye or result from something gone unnoticed until it’s too late. A few examples include:

  • A collision occurs between a vessel on a sea trial and another in the water.
  • While working on a ship in the water, a barge accidentally collides with another client’s yacht.
  • Your shipyard is responsible for a sewage spill requiring a massive cleanup.

What Does Business Shipyard Insurance Cover in Case of a Lawsuit?

For lawsuits covered under your policy, business shipyard insurance can provide our clients with coverages for:

  • Lawyer’s fees
  • Defense costs
  • Out-of-court settlements
  • Awards for damages

Keep in mind that even baseless lawsuits require substantial resources and time to defend against.

What Are The Most Common Insurance Policies for Shipyards?

Protection and Indemnity 

For collisions involving a vessel and a fixed installation as well as accidents resulting in bodily injury, death.

Hull & Machinery Insurance 

Hull & Machinery insurance can provide coverage for the costs to physical repair damage to your vessel(s) and remove wreckage from the water if necessary while also covering you for potential legal liability.

Pollution Liability Insurance 

For spills and allegations of improper disposal of contaminants. Coverage can include cleanup and litigation costs. 

Commercial General Liability Insurance 

CGL can be written for both marine and land operations, covering you for lawsuits alleging personal injury, property damage, false advertising and libel or slander. 

Business Property Insurance 

Provides coverage for theft, vandalism and damages caused perils such as fires and windstorms.

Business Interruption Coverage to cover your expenses in case a covered peril forces you to stop shipyard operations temporarily.

Commercial Auto Insurance / Commercial Vehicle Insurance

For trucks, trailers, construction caan etc., used by your shipyard.

Additional Insurance Coverages for Shipyards 

Depending on the type of vessels your company specializes in and the size of your operations, the following policies can be bundled into your shipyard insurance plan as needed.

Related Articles

Shipyard insurance by commercial insurance specialists – ALIGNED advocate service got you covered from bow to stern

At ALIGNED, commercial insurance is all we do. When you choose ALIGNED, you get an advocate working Canada’s top insurance companies with proven track records in marine construction and liability to get you specialized insurance plans that cover your risks and fits your budget. Contact an ALIGNED advocate to get a free quote on shipyard insurance in minutes or get started right away by using our free online tool.

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