OVERSEAS-CHINESE BANKING CORPORATION LTD V AGROGLOBAL UNDERWRITING ASIA PACIFIC PTE LTD

[2025] SGHC 82, Singapore High Court, Justice Kwek Mean Luck, 30 April 2025

Insurance – Marine – Vessel capsizing – Constructive total loss – Perils of the sea – Breach of the duty of fair presentation – Seaworthiness – Breach of warranty – Held covered clause – Insurable interest – Late payment – Marine Insurance Act 1906, sections 4, 39 and 60 – Insurance Act 2015, sections 2, 10, 11 and 13A

The vessel Teras Lyza was owned by TLPL, managed by TOPL (collectively TL) and mortgaged to OCBC. The parties were co-assured under a hull and machinery marine insurance policy contributed to by five insurers.