What does builders risk hull insurance mean?

builders risk hull insurance meaning in Law Dictionary

defense policy with respect to whenever a ship is within the designers' arms. Coverage can be all-inclusive, excluding flaws and destruction through war. It shields against both pre- and post-launch catastrophes. Builders can choose an insurance policy which covers the quantity of the finished product (Completed kind), or an insurance policy that is modified upwards as tasks are completed (Reporting type).

builders risk hull insurance meaning in Business Dictionary

An insurance policy bought by ship designers and contractors to pay for a boat before the owner takes control. The insurance covers loss and obligation from accidents, partial work, and errors. Prelaunch and post-launch accidents tend to be covered, while the plan can reflect the startup worth or even the finished value of the ship.