What is Singapore War Risks Mutual (SWRM)?
- A class within The Standard Club Asia Ltd (Standard Asia), with its own committee and a high degree of autonomy
- Singapore’s first national mutual war risks insurer
- Developed with support from the Singapore Shipping Association (SSA)
- Designed to offer flexible cover, competitive rates and excellent service
Why was SWRM established?
- A war risk insurer in the same time zone as insured
- Give shipowners more control over their war risks insurance
- Expand Singapore’s insurance offering
- Increase Singapore’s insurance expertise
- Build up an insurance fund in Singapore
- Enhance Singapore’s maritime cluster
What does SWRM offer shipowners?
- More control over war risks insurance cover, price and service
- More stable pricing of additional premium areas
- A stake in the insurance fund built up by SWRM
Why enter your ships in the class?
- Competitive premiums
- A dedicated team based in Singapore to ensure real-time advice, service and claims handling
- Premiums paid into a Singapore-based insurer and members benefit from the class’ success
- Endorsed by SSA
What does it cover?
- P&I war
- Hull war
- Detention and diversion expenses
- Sue and labour
- Discretionary insurance
- Optional additional insurance such as loss of hire
All cover is underwritten on a mutual basis.
What wording will the cover be underwritten on?
- The club’s tailored war risks wording will be used as standard - See SWRM Rules
- In addition, all standard international forms can also be accommodated including Institute Time Clauses, Nordic, German, French and American
- Additional conditions can be accommodated
- The class aims is to give shipowners flexible coverage at competitive rates
What are the limits available?
- The class covers war risks up to the insured value of the ship
- Separate limits can be arranged for P&I
What is the security?
- Security is provided by the S&P ‘A’ rated Standard Club and reinsured with S&P ‘A’ rated insurers
Partnership with Risk Intelligence
- The class has partnered with Risk Intelligence to provide SWRM members with the most up-to-date and comprehensive maritime security information
- This includes Risk Intelligence’s monthly intelligence report and online intelligence platform
- Risk Intelligence is a global leader in maritime intelligence with expertise in all key regions
Who can buy the cover?
- Members of SSA, irrespective of flag of ship
- Owners of ships registered in Singapore
- Can be bought via your usual broker
- Can buy non-war P&I cover from another P&I club; no need to be a P&I Class member of the Standard Club
Do you have to enter your whole fleet?
- There is no requirement to enter a whole fleet
- An owner may choose to enter any number of ships into the class
How do I get the cover?
- Enquiries should be directed to our dedicated Singapore War Risks Mutual underwriting team at the SWRM@standard-club.com or phone +65 6506 2800
- Alternatively, please contact your usual club representative for more information