Home›Insurance›Industry & Deals›Blenheim introduces Knot-on-Time cover for ship delive…

Blenheim introduces Knot-on-Time cover for ship delivery failures

The marine specialty insurance is designed to cover losses from delayed or failed newbuild deliveries, including replacement costs, lost charter income, and financing expenses.

Reported · Written up by our desk · Industry & Deals

Blenheim Partnerships, part of the White Bear Group, has expanded its marine specialty risks offering with a new-build delivery failure insurance solution called Knot-on-Time, aimed at protecting vessel owners from financial fallout when ship deliveries do not proceed as expected, according to Reinsurance News.

The coverage is intended to respond to delays or outright failures to deliver vessels, with benefits that can include increased vessel-replacement costs, lost charter income, and financing expenses, as well as contractual liabilities.

Blenheim said the solution also includes reasonable mitigation costs tied to securing alternative tonnage or a replacement newbuilding.

The company framed the move as a response to the current shipbuilding cycle, noting that global shipbuilding activity is at its highest level in more than two decades and that managing delivery-related risk has become a priority for owners investing in decarbonising projects, fleet renewal, and expanding capacity.

More like this

Sources