A Comparative Study Of The Clauses For Builders’ Risk Between China And The UK

Due to the impact of the international financial crisis, shipping industry in our country also suffered a harsh winter, so is the shipbuilding industry, which faces a transition from the previous much-orders to a period of developmental transformation. However, it cannot be denied that the shipbuilding industry in our country has been a force that cannot be neglected to the world for a long time. The shipbuilders’risks insurance mainly covers all kinds of material losses, expenses or liabilities caused by risks such as natural disasters or fortuitous accidents when building a new vessel. After the revision of Insurance Law of PRC (Here after referred as Insurance Law) in2009, the clauses for builders’risk insurance in our country all updated to the2009version from the previous1986version, which plays an important role of escort for our shipbuilding industry. While, for the time being, there are not much experts doing the comparative study targeted at the shipbuilders’risk insurance. At the same time, the domestic market for builders’risk insurance still rely on the international market, with a position to be broken through.Therefore, based on these considerations, this article will launch a series of studies about the shipbuilders’risk insurance. It takes the insured’s interests as a starting point, via the comparative analysis between the PICC Clauses for builders’risks in our country and British Institute Clauses for builders’risks, then take the essence and so as to come up with some improvements for the PICC Clauses.This article consist5chapters. Chapter one will introduce the nature and specialty of builders’risks insurance, its development situation in China and the UK, pitched as a shot for the later research of the terms. Chapter two mainly studies the subject matter insured of builders’ risks insurance; it will use the entry point of general theory of subject matter insured, via comparison, advise to extend the scope of subject matter insured properly. Chapter three takes a similar skill as Chapter two to discuss the insured amount, insured value and premium. Chapter four is the focus of this article, which studies the risk scopes for the insurer to cover, extra-cover and exclude-cover, suggesting that the insurer extend the scopes of insuring risks, such as the risk of loss of hire. The last chapter is to do some analysis and comparisons on other clauses of PICC Clauses, thus making the insured understand their advantages and disadvantages, so as to protect the interests of the insured.