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Shipyards

With complex trading environments, business consolidations, and sophisticated finance arrangements, Marsh can help shipyards protect their balance sheet and individual vessel projects.
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Shipyards face complex and rapidly evolving challenges, from maintaining an experienced workforce, digital transformation, and environmental regulations, to name just a few.

Our specialist team works with shipyards of all sizes — from small bespoke to ultra-large individual or groups of shipyards, including offsite assembly.

We provide you with builder’s risk insurance and a range of additional insurance-based solutions for marine construction, conversion, and repairs.

Our experience includes:

  • Sectors — all classes of state-owned or public, private, or commercial sector projects.
  • Design — proven or prototypical.
  • Projects — single vessel/project or open coverage for all contracts of construction, conversion, refit, or repair.
  • Periods — single vessel/project, annual, or multi-year.
  • Work — construction, conversion, refit, or repair.
  • Coverage(s):
    • Physical damage and ancillary risks.
    • Third-party liabilities, directors’ and officers’ liability, and employee liability.
    • Professional indemnity insurance for shipbuilders and repairers, together with naval architects.

In addition to our placement expertise, our Marine Claims Advocacy team offers a range of services beyond traditional claims handling. We help you reduce costs and maximise efficiencies in casualty and property claims, before, during, and after a loss. Through our range of claims services, we have the skills and resources you need to meet your claims scenario, however large or complex.

Our products

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Protection and Indemnity (P&I)

17/05/2023

40%+

of global shipyards’ insurance premium

500+

Over 500 projects placed

FAQs

Builder’s risk insurance covers repair and/or conversion work for vessel owners and mobile offshore unit owners if the regular hull and machinery policy will not extend to provide coverage due to the enhanced or altered risk. Ship repairer’s legal liability covers the legal liabilities and obligations that a ship repair yard will have for property damage to vessels in its care, custody, or control, including bodily injury and death of third parties.

Construction of a new vessel or conversion or repair of an existing vessel involves a wide range of perils. These include accidents such as fire and explosion during construction, collision and/or sinking during trials, or physical damage as a result of faulty design and/or workmanship. Coverage also can be extended to include natural catastrophes, such as earthquakes.

Builder’s risk insurance covers shipyards and vessel owners, and can be extended to include subcontractors.

Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage.

LCPA 23/172

“Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”