The shipbuilding industry has had its ups and downs over the years and current market conditions are particularly challenging.

Geopolitical uncertainty, inflation, supply chain challenges and shortage of personnel can put shipyards’ operations and profitability under pressure. Meanwhile, Western shipyards are increasingly challenged by their Southeast Asian competitors on labour costs.

Riding the waves of economic cycles

Many shipbuilders have been looking into niche and specialist markets and adding value by offering ever more sophisticated and exclusive vessels. However, concentrating on a single market niche can put

shipbuilders at the mercy of economic cycles, and they will need to diversify again. At MSIG Specialty Marine, we understand the economic pressures faced by shipbuilders and our products can flex with your business and the economic climate.

Knowledge and experience

MSIG Specialty Marine has an outstanding track record as a leading underwriter for shipbuilders and we support an extensive and diverse range of clients around the globe. We understand the risks and the challenges our clients face, enabling us to tailor cover to fit clients’ specific needs with competitive terms and conditions.

On a technical and selective basis, we can offer tailored coverage for delivery voyages, delay in delivery, interest payments, guarantee and/or maintenance.

Dedicated team

We have a dedicated team of underwriters and claims handlers for Builders’ Risk and our Rotterdam office is a global market leader for this type of insurance.

Flexibility

We offer flexibility in rating and conditions, always driven by the needs of the client. We take an integrated approach, considering both the specific hull risks and the broader financial risks faced by the company as a whole. We lead approximately 80% of the business we write.

The scale of our service

The range of potential risks faced by shipbuilders are as diverse as the vessels they create and requires specialist cover and protection delivered by skilled experts. Our teams provide insurance around the world to the full range of trade vessels, including containers, tankers, ferries, bulkers, and LNG and LPG carriers. We have particular expertise in the construction of specialist and naval vessels and superyachts, as well as refits, major conversions and rebuilds.