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Singapore enhances war risk mutual
Singapore is enhancing its war risk mutual insurance with the Singapore War Risks Insurance Conditions (SWRIC).
1 Min Read
Kalyakan - stock.adobe.com
The Singapore War Risk Mutual (SWRM) was launched four years ago as part of the republic’s aim to become a comprehensive marine insurance hub and now boasts over 800 ships on its books.
The new SWRIC were announced on Tuesday evening at the Singapore Shipping Association (SSA) Lunar New Year cocktail reception by Lam Pin Min, Singapore's Senior Minister of State for Transport and Health.
Drafting by an SSA working group the SWRIC claim to be the first insurance conditions to be written from a shipowners perspective. They aim to provide a comprehensive set of insurance conditions which aims to raise the bar on existing war conditions in the marketplace today, by bridging coverage gaps as well as updating and simplifying the existing war conditions available in the market.
Cover under SWRM is available to all SSA members regardless of flag of vessel, and to non-SSA members if their ships are registered with Singapore.
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