War risk insurance for ships

Joining the ranks of countries such as Greece, Japan, Norway and Britain, Singapore has begun to offer war risk insurance for ships.

Almost 800 Singapore-registered ships will be covered under the Singapore War Risks Insurance Conditions (SWRIC) launched recently, as opposed to availing insurance from Lloyd’s of London and other such companies.

“As a novel and improved product offering to the international maritime community, the SWRIC contributes to Singapore’s standing as a thought leader in the field of marine insurance,” said Dr. Lam Pin Min, senior minister of state for Transport and Health, at a Singapore Shipping Association event held recently, according to a report by The Strait Times.

He said the new product was Singapore’s equivalent of the war risk insurance cover provided by internationally used marine insurance plans such as the Nordic Plan and Britain’s Institute Time Clauses.

War risk insurance covers ships in the event of endangerment to the ship or crew, such as in situations where ships are victims of collateral damage in war-torn areas.

The SWRIC is part of efforts to improve the maritime sector here, which is also undergoing a digitalisation drive.