OCBC cannot claim US$56 million from insurers for the capsized vessel it funded: Court of Appeal
Court says bank had not proved rig was lost by peril of the seas as it did not offer a cause of seawater entering vessel by chance
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[SINGAPORE] OCBC is unable to claim US$56 million from a group of insurers for a vessel that it offered mortgage after the Court of Appeal allowed the five insurers’ appeal on Thursday (Mar 19).
Earlier in April, OCBC was awarded US$56 million under a marine insurance policy by the High Court, after the judge ruled that the lender had proved that the vessel was lost to perils of the seas and was a constructive total loss (the cost of the recovery and repair of the vessel exceeding her insured value).
Argoglobal Underwriting Asia Pacific, China Taiping Insurance (Singapore), Great American Insurance, MS First Capital Insurance and QBE Insurance (Singapore) are the insurers that won the appeal.
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