SWRM was established with the support of the Singapore Shipping Association (SSA) and started underwriting on 20 February 2015.
The SWRM is a class within Standard Asia and is guided by its own class committee. The class committee comprises representatives of the insured owners and the SSA.
The insurance is available to members of the SSA irrespective of the flag of the ship and also to owners who are not members of SSA if the ships are registered in Singapore.
The insurance cover is set out in the SWRM rules, but cover can also be given under standard market wordings. The cover under SWRM rules includes P&I war risks, hull war risks, detention and diversion expenses, sue and labour and discretionary insurance.
Optional additional insurance such as loss of hire is also available. The premium is on a mutual basis. Further details are available in the Frequently Asked Questions document (FAQ's).