War risk syndicate launched

The recent launch of the Hong Kong china War Risk Syndicate will now protect Chinese and Asian ship owners from the risks of war and related perils such as piracy.

The Syndicate 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 USD100 million.

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.”