28JAN2019 - NEWS - Government of Singapore unveils two initiatives to strengthen the country’s maritime industry

The Government of Singapore has recently unveiled two initiatives to further strengthen the country’s maritime industry. The initiatives include the Singapore War Risks Insurance Conditions (SWRIC) and the creation of an interoperability structure for electronic trade documents for the maritime and trade industries. The newly announced SWRIC is an upgrade to the Singapore War Risks Mutual (SWRM), the first national war risks insurance facility of the country, which was launched in 2015 to develop Singapore as a comprehensive marine insurance hub. SWRM is available to the members of SSA and the non-members whose ships are registered in Singapore. It covers Protection and Indemnity (P&I) war risks, hull war risks, detention and diversion expenses, as well as sue, labour and discretionary insurance.

Published by Editor - www.Livebunkers.com at 28-Jan-2019 04:40:40 [UTC] , contact editor at editor@livebunkers.com