What does marine builder's risks insurance cover?

Marine builder's risks insurance specifically covers the risks associated with the construction of marine vessels. This type of insurance is designed to protect the builder from financial losses during the construction phase due to various unforeseen events such as accidents, fire, or other potential hazards that may damage the vessel while it is being built.

This coverage is crucial because building marine vessels can involve significant financial investment, and any damage that occurs before the vessel is completed could lead to substantial losses. Thus, the insurance provides vital protection against these risks during the entire construction process, ensuring that builders can recover financially from incidents that may otherwise jeopardize their investment.

The other options do not accurately reflect the scope of marine builder's risks insurance. For instance, coverage against theft of marine property pertains to general marine insurance but does not specifically relate to the construction phase. Similarly, insurance for completed vessels relates to different coverage types, such as hull insurance, while insurance for marine repairs does not encompass the risks associated with the construction phase of building a vessel.