Blenheim launches Knot-on-Time

Blenheim Partnerships, part of White Bear Group, has launched Knot-on-Time, an insurance solution protecting vessel owners against losses caused by the delayed delivery or non-delivery of newly built ships.

The coverage can address higher vessel-replacement costs, lost charter income, financing expenses, contractual liabilities and mitigation costs associated with securing alternative tonnage or commissioning a replacement vessel.

The product was developed and is led by Edward Parker, senior underwriter for special risks at Blenheim Partnerships. It arrives as global shipbuilding activity reaches its highest level in more than two decades, driven partly by fleet-renewal, decarbonization and capacity-expansion programs.