China has been announced to be the world’s largest shipbuilder in 2010. However, I understood that, the research on builder’s risk insurance, which aims to protect the shipbuilding industry, is unfortunately quite limited. The countries, which having such important shipping interests as China, should have a well developed body of law dealing with builder’s risk insurance issues.
The Institute Builder’s Risk Clauses (ILU clauses), the People’s Insurance Company of China Builder’s risk insurance clauses (PICC clauses) and the Norwegian Marine Insurance Plan of 1996 (NMIP clauses) are the main regulations governing builder’s risk insurance in UK, China and Norway.
In this thesis, we will look at builder’s risk insurance under the three legal systems and make a comparison base on these clauses to find out the similarities and differences between them.
This thesis is composed by six parts. An introduction of reasons and aims of this paper is showed in chapter 1. A general outlook of builder’s risk insurance on the concept, character, risks and insured interest is presented in chapter 2. The legal sources governing the builder’s risk insurance in the three countries can be found in chapter 3. A comparison in chapter 4 between these three systems is generally illustrated base on the topics about the insurance period, subject-matter insured, place of insurance and insurable value. The topic “peril covered” is specifically discussed in chapter 5 as well as the two interesting issues on the “all risks and named risks principle” and “latent defects” are addressed. The conclusion is included in chapter 6.