Builders Risk Hull Insurance
Definition of "Builders risk hull insurance"
Property coverage for a builder of ships until possession passes to the owners. Protects against pre-launch and post-launch perils. Coverage can be purchased on an all risks basis subject to the exclusions of war, nuclear disaster, and inherent defects. The builder buys either insurance that covers the startup value of the property, to be adjusted upward to reflect additional construction (Reporting Form); or insurance to cover the completed value of the property (Completed Form).
Popular Insurance Terms
Same as term Canadian Institute of Actuaries: ...
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Need for an insurance policy to be paid up or to be paid for a minimum number of years before the insured is eligible to receive any benefits. This requirement is typically found in ...
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