Blenheim Partnerships, part of the White Bear Group, has launched an insurance solution designed to protect vessel owners against the financial consequences of new-build ships being delivered late or not being delivered at all.

Launched and led by Edward Parker, senior underwriter, special risks at Blenheim Partnerships, the solution covers losses including increased vessel replacement costs, lost charter income, financing expenses, contractual liabilities and reasonable mitigation costs associated with securing alternative tonnage or a replacement new-build.

The launch comes as global shipbuilding activity remains at its highest level in more than two decades, while shipowners continue to invest in fleet renewal, decarbonisation programmes and capacity growth.

Parker said: “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.”

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