UK insurance group Blenheim has launched specialist cover for shipowners facing financial losses when newbuildings are delivered late or fail to arrive, according to Blenheim Partnerships.
The Knot-on-Time product covers increased vessel replacement costs, lost charter income, financing expenses and contractual liabilities. It can also cover reasonable mitigation costs incurred in securing alternative tonnage or ordering a replacement newbuilding.
Blenheim launched the product on 11 August 2026, saying global shipbuilding activity was at its highest level in more than two decades as owners invested in fleet renewal, decarbonisation and additional capacity.
The cover is led by Edward Parker, senior underwriter for special risks at Blenheim Partnerships. “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.
Parker joined Blenheim in 2025 to build its special risks insurance unit after more than two decades at Tokio Marine Kiln, where he was head of special risks.
Blenheim Partnerships was established in 2019 and is a UK insurance intermediary and managing general agent within White Bear Group. It operates with Lloyd’s and non-Lloyd’s capacity, including Blenheim Syndicate 5886.
White Bear Group is an insurance group whose businesses include Blenheim Partnerships and Blenheim Underwriting.
Tokio Marine Kiln is a specialist insurance underwriting business operating in the Lloyd’s market.