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Blenheim Partnerships, part of the White Bear Group, has expanded its marine specialty risks offering with a new-build delivery failure insurance solution, Knot-on-Time.
Led by Edward Parker as Senior Underwriter, Special Risks, the solution safeguards vessels owners against financial losses rising from delayed or failed ship deliveries.
With global shipbuilding activity at its highest levels in more than two decades, the solution will provide cover for a range of losses that may result from a failure to deliver, including increased vessel-replacement costs, lost charter income and financing expenses.
Cover also includes contractual liabilities, and reasonable mitigation costs associated with securing alternative tonnage or a replacement newbuilding.
Managing delivery-related risks has become a critical priority for shipowners as they continue investing in decarbonising projects, fleet renewal initiatives, and expanding capacity.
By safeguarding against the loss of lucrative contracts, this new insurance coverage aims to protect the economic value of vessel acquisitions if planned deliveries fail do not proceed as expected.
Parker commented: “At Blenheim, we are constantly looking for gaps in the market where clients face emerging or underserved risks. We identified a need for broader protection against the financial consequences of newbuilding delivery failures, and this “Knot-on-Time” offering is designed to help businesses protect the value of their investment when a project does not go according to plan.”
The post Vessel owners to benefit from Blenheim Partnerships’ new-build delivery failure solution appeared first on ReinsuranceNe.ws.
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