A single component nonrepairable system suffering from both an internal stochastic degradation process and external random shocks is investigated in this paper. More specifically, the Wiener process with a positive drift coefficient is introduced to describe the gradual deterioration and the arrival number of external shocks is counted with a nonhomogeneous Poisson process (NHPP). Meanwhile, fault tolerant design is incorporated into the stochastically deterioration system so as to protect it from shock failures to some extent and is consummately addressed via a generalized m − δ shock model. From the actual engineering point of view, external shocks are typically classified into two distinct categories in this current research, that is, a minor shock (Type I shock) increasing the damage load on current degradation level and a traumatic shock (Type II shock) resulting in system catastrophic failure immediately. The closed-form expression of system survival function is derived analytically and is viewed as the generalization of existing reliability function for systems subject to dependent and competing failure processes. Based on which, two time-based maintenance (TBM) policies including an age replacement model and a block replacement model are scheduled, where the expected long-run cost rate (ELRCR) in each model is, respectively, optimized to seek the optimal replacement interval. In the illustrative example part, a subsea blowout preventer (BOP) control system is arranged to validate the theoretical results numerically. To compare which policy is more profitable under different conditions, the relative gain on optimal maintenance cost rate of the two TBM policies is presented.