China has been announced to be the world's largest shipbuilder in 2010. However, the author understood that the research on builder's risk insurance, which aims to protect the shipbuilding industry, is unfortunately quite limited. The countries, which having such important interests in shipping as China, should have a well-developed law body dealing with builder's risk insurance issues. She was therefore triggered to do a research by comparing the main clauses of builder's risk insurance according to the three legal systems (UK, China and Norway) and to find out the similarities and differences between them. The author keeps the hope that her research, though limited, could explain more these three systems by emphasizing some points and help to improve the existing clauses, especially the ones in Chinese situation. The author also hopes that this paper could attract more attention for research on the builder's risk insurance, as it plays an essential protective role for the shipbuilding industry.