The war risk mutual, which is strongly backed the Singapore Shipping Association (SSA) was launched on 20 February. The SWRM Class will cover P&I war up to $550m and hull war coverage up to the insured value of the ship.
Speaking at the SSA Chinese New Year reception on Tuesday evening Singapore Minister of Transport Lui Tuck Yew said: “A working group of the SSA had collaborated with The Standard Club Asia to establish a Singapore War Risks Mutual. This war risk facility will bring about more competitively priced insurance for our ship-owners, and strengthen our standing as a leading IMC (International Maritime Centre).”
The SSA has fully supported the initiative, which was first made public at the association’s annual dinner in September 2014.
SSA president Patrick Phoon said: “Having invested a lot of time and effort on this project, I am pleased to see its fruition – Singapore now joins the ranks of other leading maritime nations to have its own dedicated war risk facility.”
David Roberts, managing director of Charles Taylor Mutual Management, the managers of Standard Asia commented: “Shipowners will receive real time advice, service and claims handling.”
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