Industry News
Singapore gains its own dedicated war risk insurance facility
2015-03-03
Mar.2--THE first Singapore-based national mutual war risks insurance has been launched by the Standard Club Asia Ltd (Standard Asia).
The Singapore War Risks Mutual will operate as a class of Standard Asia, with its own class committee and act with a high degree of autonomy. The Singapore Shipping Association (SSA) supports the product.
"The idea was first mooted by the SSA with a view to strengthen Singapore's offerings in marine insurance to boost our status as an maritime centre," said SSA president Patrick Phoon, reported New York's Maritime Advocate.
"Our shipowners will get to benefit from flexible coverage and more control over their war risks insurance cover at competitive rates," he said.
The Singapore War Risks Mutual will offer shipowners advice, service and claims handling.
The cover offered by the class will include P&I war up to US$550 million, hull war up to the insured value of the ship, detention and diversion expenses, sue and labour,N discretionary cover and optional additional insurance such as loss of hire.
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