dry-docking insurance

Dry-docking insurance provides coverage for a vessel while it is taken out of the water for maintenance, repairs, or inspections—known as dry-docking. Since the ship is not operational during this time, it’s vulnerable to risks like damage, theft, or accidents. This insurance protects ship owners against potential financial losses resulting from such incidents while the vessel is out of service. It typically covers physical damages, costs associated with repairs, and sometimes delays or downtime expenses, ensuring the vessel’s value and operational readiness are safeguarded during the dry-docking period.