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Ship Repairers’ Legal Liability

 

What is it – a ship repairers’ legal liability (“SRLL”) policy insures your liability for bodily injury or damage to 3rd party property arising out of your operations.  In the event of a fire caused by welding, or theft of property at your yard, an SRLL policy ensures your exposures are covered.

 

Do I need it? – There are numerous exposures covered under an SRLL policy, both physical damage to vessels in your care, to tenant’s legal liability for damage to your leased warehouse or yard.   During certain times of the year, you may find yourself with a yard packed full of tug boats and yachts, all under your responsibility.   Are you covered for a catastrophic loss?

 

What should I consider?

 

What is my maximum exposure? – without your immediate attention, the value of vessels taken in by your staff during normal operations could become far more excessive than you think.   Is your policy able to cope with such a high limit?

 

What happens in the event of a loss to vessel at my yard? – Will my customer and my underwriter agree on the value?  What can I do to avoid any arguments?

 

What if I am required to conduct sea trials with a customers vessel – is it my policy or their policy that covers a collision?

 

How do I begin?

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