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
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Compensation payable to the owner of a ship detained for reasons beyond his or her control who incurs a loss of earnings because of the delay. Detainment can be caused by a delay in the ...
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