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Repairing or replacing any defective part that is condemned due to discovery of a latent defect during the boat's construction. Faulty welds, however, would more than likely be excluded.

• The costs of completing the launch of the insured vessel under construction following the failure of a launching operation and the cost of inspecting the bottom of the vessel after a grounding if reasonably incurred specifically for that purpose.

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• Loss of or damage to the boat in build due to faulty design of any part or parts of the vessel and the cost of salvage of the boat in build reasonably incurred in preventing or minimising any loss that may be recoverable under the Boat Builders Insurance.

• Loss of or damage to the vessel whilst in transit between the build location and a launch point for sea trials.

The insured values of the vessels under construction will normally be based on the total value of vessels in build at any one time (work in progress if you like) and the maximum value of any single vessel in build.

This would normally be the completion value - i.e. the build or restoration cost - and not the sale value. However, in some cases a boat builder may require payment in instalments at various stages of a build by the beneficial owner of the vessel. Where this happens the sum insured may reflect the payments made by the beneficial owner and, towards the end of the build, will possibly mean the sum insured is higher than the build cost as the interest of the owner should be noted on the policy schedule and certificate.

On higher value builds and refits it may be possible to structure the sum insured (and therefore the premium) around the cost/value of the build at various stages. I arranged cover for one superyacht builder where an initial premium down-payment was made followed by additional premium instalments which were levied at periodical value declarations by the builder.

Third Party Liability:

This part of the cover should cover the legal liabilities of the owner of the boat in build arising from physical loss or damage to third party property and/or death or bodily injuries to third parties whilst the vessel is afloat for the purposes of being worked upon or while underway on sea trials. It should also cover any reasonable costs incurred in removing and disposing of the wreck of the vessel or any neglect or failure to raise or remove the wreck. The limit of indemnity for Third Party Liability will usually be a minimum of £3,000,000 but where higher value vessels are the subject of the insurance then more appropriate indemnity limits should be sourced.