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Ship

The First Schedule (rule 15) of the Marine Insurance Act 1906 states that the term ‘includes the hull, materials and outfit, stores and provisions for the officers and crew, and in the case of vessels in a special trade, the ordinary fittings requisite for the trade, and also, in the case of a steamship, the machinery, boilers, and coals and engine stores, if owned by the assured’.
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Ship includes the hull, materials and outfit, stores and provisions for the officers and crew and in the case of vessels engaged in a special trade, the ordinary fittings requisite for the trade, and also, in the case of a steamship, the machinery, boilers and coals and engine stores, of owned by the insured.

Ship Builders Risk Insurance

Institute Clauses for Builders Risks 01.06.1986 : Subject Matter of Insurance: The section has two sections (I) Section I-(i) Hull and Machinery etc under construction at the yard or other premises of the builders. (ii) Machinery etc while under construction by the sub-contractors. Section II-Machinery etc the insurance on which attaches from the time of delivery to builders. The subject matter is covered whilst at builders or sub-contractors yards within the port or place of construction and whilst in transit between such locations. Other transits are held covered at additional premium. Commencement of Insurance: A provisional period is stated under each section commencing from a particular date, but the insurance is terminated upon delivery of the vessel to the owners if prior to expiry of the provisional period. Delayed Delivery: Held covered for not more than 30 days from the completion of builders trials. Perils: All Risks of loss or damage. Insured Value: Provisional. Insurance to be based on the final contract price or total building cost plus an agreed percentage whichever is higher, subject further it should not be more than 125% of the provisional value.