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Blenheim launches marine insurance for shipbuilding delivery failures

The coverage is designed to pay for costs tied to delayed or missed delivery, including higher replacement expenses and lost charter income.

Reported · Written up by our desk · Industry & Deals

Blenheim Partnerships, part of White Bear Group, has launched Knot-on-Time, an insurance solution aimed at protecting vessel owners when newly built ships are delivered late or not delivered at all, according to Coverager.

The policy is structured to address a range of costs and liabilities that can arise from delivery failures, including higher vessel replacement costs, lost charter income, financing expenses, contractual liabilities, and mitigation costs tied to securing alternative tonnage or commissioning a replacement vessel.

Coverager reports the product comes as global shipbuilding activity is at its highest level in more than two decades, supported by fleet renewal, decarbonization, and capacity expansion programs.

Coverager also notes that Knot-on-Time is listed by Gold Standard, which certifies carbon credits eligible for use under CORSIA, and that Edward Parker, a senior underwriter for special risks at Blenheim Partnerships, developed and leads the product.

Latest closeGold $4,432.00 ▲1.6%

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