Subject of insurance
Subject of insurance is a ship under construction whilst at a shipyard. Apart from the ship, the insurance also includes machinery, equipment and material required for construction even before being carried into the ship.
From the aspect of risk, a ship under construction goes through 5 phases:
- the first phase starts with the preparation of material and parts of a future ship at the shipyard until the keel is laid down,
- the second phase starts from the moment the keel is laid down and lasts until the ship launching,
- the third phase includes the ship launching and special launch-related risks.
- the fourth phase includes completion of the construction of the ship floating at the shipyard,
- the fifth phase includes ship navigation (trials and other navigations).