Shipbuilding Risk Cover Launched at Lloyd's of London

Lloyd's of London has unveiled a fresh initiative for insuring shipbuilding risks.

The formation of the Builders’ Risk Consortium is a collaborative effort between Apollo, Munich Re, and Tokio Marine HCC International.

This innovative consortium is equipped to provide brokers with a leading line capacity of $75 million per ship.

The consortium's partners have indicated in a statement that “The need for lead capacity in London comes as the shipping industry transitions to greener energy and sees an expansion in naval shipbuilding.” 

Iain Henstridge, the head of Apollo’s Hull Class, stated, “This new consortium offers Lloyd’s brokers a genuine alternative, giving them a new route to market for their producers. These are often highly complex and technical risks and we have a great team in place to service this exciting class, as well as our existing business.”