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China War Risk Syndicate launched

China War Risk Syndicate launched
Chinese and Asian shipowners now have added support with the launch of a new marine insurance facility aimed at protecting them from the risks of war and related perils such as piracy.

The Hong Kong China War Risk Syndicate (HKCWRS) is available to ship owners in Hong Kong, China and all Asian-flagged, owned, managed or chartered vessels.

The facility is supported by Asia Insurance, part of Hong Kong’s Asia Financial Holdings and the insurance covers marine hulls for acts of war, piracy attacks and other perils up to a maximum limit per hull of $100m.

Asia Insurance will lead the syndicate, while a number of other high profile insurers including China Taiping Insurance (Hong Kong) are also backing it in a subscription format.

Asia Insurance ceo Winnie Wong said: “We believe the time is right for such a facility to be made available for Chinese and other Asian ship owners. Hong Kong and China together form one of the world’s largest ship registries. It is important that as this fleet grows, owners have a range of options available for their insurance needs."

HKCWRS will create a specific War Risk Committee including owners, underwriters, brokers, security advisors who will come together to discuss, review and respond to issues. The committee will take into account other similar war committees’ positions but will adopt an independent approach.

JLJ md Jonathan Jones said: “JLJ Maritime HK Ltd is honoured to be working with Asia Insurance in the founding and development of the HKCWRS, a facility that will bring real value to Chinese and Asian ship owners.

“The facility is on hand to serve the needs of owners locally and our service will be provided on the ground and face to face in local time. Claims will be handled quickly and professionally, and all legitimate claims will be met.”