ART Strengthens Marine & Energy Portfolio with New Shipbuilding and Offshore Wind Insurance Solutions

Alliance Risk Transfer Limited (ART), the leading Hong Kong-based provider of specialist insurance solutions, announced the launch of two strategic new products today: Shipbuilding Insurance and Offshore Wind Insurance. This expansion reinforces the company's commitment to supporting the evolving needs of the maritime and renewable energy sectors across Asia.

As Asia's economy grows and its transition to clean energy accelerates, the demand for robust, tailored insurance protection for shipbuilding and offshore wind projects has never been greater. ART's new products are designed to address the complex and unique challenges faced by developers, owners, and contractors in these high-stakes industries.

Shipbuilding Insurance: Safeguarding New Construction

The new Shipbuilding Insurance provides comprehensive coverage for the entire vessel construction lifecycle. From keel-laying to sea trials and delivery, the policy protects shipyards and owners against a wide range of risks. Target type of vessels include LNG/VLGC vessels, VLCCs; Naval Vessels; Offshore Units, including drilling units and servicing ships or platforms, windfarm installation and service vessels.

Offshore Wind Insurance: Powering a Sustainable Future

In response to the rapid growth of the offshore wind industry, ART's Offshore Wind Insurance offers an integrated solution for all project phases. This specialized coverage supports developers, operators, and investors from initial feasibility studies through to decommissioning.

Key areas of coverage include:

Construction All Risk (CAR): Protection for installation, commissioning, and project delay.

Operational All Risk (OAR): Coverage for operational assets, including turbines, substations, and cables.

Hull & Machinery: Providing insurance for offshore windfarm various service vessels.

Project Cargo: Protecting the transportation for the heavy lift cargo from shore to sites at sea.

Marine Liability: Comprehensive protection for vessels and personnel involved in the project.

Business Interruption: Mitigating financial losses from operational downtime.

These new product lines leverage ART's deep expertise in marine and energy insurance and its regional distribution network. The company is poised to become a key partner for businesses navigating the complexities of modern shipbuilding and the expanding renewable energy landscape.

You may also view & interact with us at👇