Ship Building & Refund Bonds

Highlights

  • Secures the delivery of ships (and other vessels) under shipbuilding contracts and the reimbursement of any advance payments in the event of non-delivery

Best For

  • Shipbuilders and shipyards

Summary of Coverage

If you are a shipbuilder or shipyard, a performance bond provides a guarantee of your performance under the shipbuilding contract and guarantees that you will deliver the vessel to your client per the terms of the contract. If there is a default on the delivery of the vessel, the bond will provide security for your client’s additional costs involved in completing the vessel, subject to the stated maximum value of the bond.

Refund bonds provide security for the potential reimbursement of your client for any advance payments made during the project, should you default on your obligation to deliver the vessel. Refund bonds may be issued each time the ship owner makes an advance payment to you throughout the project and prior to delivery of the ship (or other vessel).

Why Tokio Marine HCC?

Tokio Marine HCC is a leading specialty insurance group with offices in the United States, the United Kingdom, Spain and Ireland, transacting business in approximately 180 countries and underwriting more than 100 classes of specialty insurance. Our products and capabilities set the standard for the industry, and many of our almost 3,000 employees are industry-leading experts. Each of our highly entrepreneurial businesses are equipped to underwrite special situations, companies and individuals, and acts autonomously to deliver effective solutions.
Our financial strength ensures our clients will always be protected.

Our financial strength ensures our clients will always be protected.

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Tokio Marine HCC Product Breadth

Our holistic portfolio of products includes more than 100 classes of specialty insurance

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Tokio Marine HCC is part of Tokio Marine, a $31 billion company.

Tokio Marine HCC is part of Tokio Marine, a $31 billion company

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