The Standard Club Asia Ltd (Standard Asia) has today announced the launch of its new Singapore War Risks Mutual (SWRM) Class. This is the first Singapore-based national mutual war risks insurance and is fully supported by the Singapore Shipping Association (SSA).
Patrick Phoon, president of the SSA, said, “The idea was first mooted by the SSA with the aim of strengthening Singapore’s offerings in the marine insurance sector to boost our status as an international maritime centre. 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. Our ship owners will get to benefit from flexible coverage and more control over their war risks insurance cover at competitive rates.”
The Singapore War Risks Mutual will operate as a class of Standard Asia, with its own class committee and will act with a high degree of autonomy.
Teo Siong Seng, chairman of Standard Asia, commented, “Standard Asia is headquartered in Singapore to be at the centre of a vibrant shipping hub. Our aim is to provide not only P&I insurance at a reasonable price but also to provide shipowners with a complete range of insurance covers, backed by the Club's high standards of professional service and leading financial strength.”
David Roberts, Managing Director Charles Taylor Mutual Management (Asia) Pte Ltd, the managers of Standard Asia, added, “Ship owners will receive real time advice, service and claims handling. Shipowners will be able to benefit from the success of The Singapore War Risks Mutual. The cover offered by the class will include P&I war up to US$550m, hull war up to the insured value of the ship, detention and diversion expenses, sue and labour, discretionary cover and optional additional insurance such as loss of hire.”