Insurance covers new buildings from keel laying/steel cutting to delivery

Please note: This information is a general description. For full conditions, premiums, subjects, and warranties, please contact your team Underwriter.

Builder's Risk Insurance is a policy purchased by shipbuilders and contractors to cover a newbuilding project before the owner takes possession.

It is important for a yard to be able to protect the value of the newbuilding during construction. A Builder's Risk policy covers loss and liability from accidents - from keel laying/steel cutting to delivery - including third-party liabilities.

Pre-launch and post-launch accidents are covered, and a Builder's Risks policy might also cover the cost of rebuilding the vessel/unit if it is regarded as a total loss.

Conversion Risks

If the owner of a vessel or a mobile offshore unit has contracted a yard to carry out significant repair work and/or conversion work, it is possible that the regular H&M policy will not provide cover due to the enhanced or altered risk. In such cases, the owner needs to arrange for a Builder's Risks cover.

Who can be covered?


UDS 40 million


To be agreed.

Extended Cover

In addition, the insurance can be extended to cover:


Team Norway 

The Swedish Club Norway
Dyna Brygge 9, Tjuvholmen

NO-0252, Oslo

Tel +46 31 638 400
EMERGENCY +46 31 151 328