This Takaful policy provides All Risks coverage for the physical loss or damage to the vessel during construction/conversion of the vessel whilst the vessel is under the shipbuilder’s care and control.
Ship Builder’s Risk Takaful policy is designed to cover a ship/vessel and related property & materials from the start of construction (i.e. Keel laying) through the final delivery to the Owners of the Vessel. The coverage will typically include such risks as launching, sea trials, third-party liability during construction, and removal of the wreck.