Shipbuilding Development Scheme - Shipbuilding Risk Coverage

What it is

Help shipyards and maritime financiers understand the risk-coverage architecture, distinguish it from a direct grant or loan guarantee, and identify the current insurer/agency product before relying on it.

What you get

• Shipbuilding pre/post-shipment and vendor-default risk coverage

Who it is for

• the risk falls within an approved SbDS shipbuilding-related coverage product
• the applicant or insured party satisfies the current insurer/credit-risk agency and vessel/project terms
• a Government-nominated Credit Risk Cover Agency or approved implementation route is available
• the policy, premium, exclusions, claim process, security and documentation are confirmed before contract reliance
• the application/project fits the SbDS validity and approval boundary

Not eligible if

• this record is not a direct grant, loan, equity investment or unconditional Government guarantee
• coverage is not automatic merely because a shipyard or vessel qualifies for another SbDS component
• premiums, deductibles, exclusions, claim settlement and agency product terms must be confirmed
• risks outside the approved product, project or policy terms are excluded
• draft or proposed products must not be represented as available insurance

How to apply

1. 1
   Classify the shipbuilding risk

   Determine whether the exposure is pre-shipment, post-shipment or vendor default and identify the affected contract, buyer, vessel or supplier.

   Official step
2. 2
   Confirm the nominated agency and product

   Verify the live Credit Risk Cover Agency, Sagarmala/NSbM implementation route, policy wording, premium, deductible and exclusions.

   Official step
3. 3
   Prepare underwriting evidence

   Assemble contract, buyer, vendor, project, payment, delivery, financial and risk evidence in the format required by the live product.

   Official step
4. 4
   Issue and monitor coverage

   Complete policy issuance, retain premium and endorsement evidence, monitor conditions and follow the approved claim route if a covered event occurs.

   Official step

Keep ready