The Standard Club Asia, part of a mutual insurance association The Standard Club, has launched a new Singapore War Risks Mutual (SWRM) Class, the first Singapore-based national mutual war risks insurance, fully supported by the Singapore Shipping Association (SSA).
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.
David Roberts, Managing Director Charles Taylor Mutual Management (Asia), the managers of Standard Asia, said: ”Shipowners will receive real time advice, service and claims handling. The cover offered by the class will include P&I war up to USD 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.”