UK’s insurance specialist Blenheim Partnerships, part of the White Bear Group, has announced the launch of a new-build delivery failure insurance solution, offering protection to vessel owners against the financial consequences of non-delivery and delayed delivery.
According to Blenheim, the Knot-on-Time solution provides cover for a range of losses that may result from a failure to deliver, including increased vessel-replacement costs, lost charter income, financing expenses, contractual liabilities, and reasonable mitigation costs associated with securing alternative tonnage or a replacement newbuilding.
As shipowners continue to invest in fleet renewal programmes, decarbonisation initiatives and capacity growth, the ability to manage delivery-related risks has become an increasingly important consideration.
In its announcement on Aug. 11, Blenheim said the new insurance solution is intended to help preserve the economic value of vessel-acquisition projects when planned deliveries do not proceed as expected, and acts as protection against losing lucrative contracts.
The cover has been launched and led by Edward Parker, senior underwriter, special risks, at Blenheim Partnerships.
“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,” Parker said.
Source: Blenheim. Note: This article is for informational purposes only. The information does not constitute any kind of advice for the products or services herein described in this press release. Pls see our disclaimer here.
