Shipbuilder Insurance Claims
Where a vessel is damaged during the course of construction, our role is to provide an independent view on the liability of insurers under the Shipbuilder’s Risks policy.
This will involve:
Consideration of the proximate cause of the loss and its’ application to the coverage under the policy. We can obtain independent consulting engineering advice where required to assist in identifying the potential causes of damage or areas for further technical investigation.
Reviewing the expenses incurred and advising the shipbuilders and insurers with regard to the amounts which may be claimed. The role is independent and the aim is to ensure that the shipbuilders receives the correct indemnity in accordance with the terms of the policy and be able to explain the result to the satisfaction of both the shipbuilders and their insurers.
Where there is potential for a recovery from a third party, we can assist in preparing and quantifying the claim against the third party.
Our early appointment on a case can assist both insurers and shipbuilders. shipbuilders are often faced with choices as to how to undertake repairs to the vessel and we can provide timely advice as to how the policy should respond so that informed decisions can be made.
For larger claim, we may be able to recommend a payment-on-account from insurers to ease the cash flow issues which a large casualty can present to the shipbuilders.
We will prepare an adjustment which will clearly deal with the questions of policy liability and the correct allowances which can be included in the claim.
Our fees traditionally form part of the claim (regardless of whether the initial appointment comes from the shipbuilders or the insurers) and are fully recoverable from insurers.