Oversea-Chinese Banking Corporation Ltd v Argoglobal Underwriting Asia Pacific Pte Ltd and Others [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 - 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 TE) and mortgaged to OCBC. The parties were co-assured under a hull and machinery marine insurance policy contributed to by five insurers. The insurance contained a Cover Note issued on 13 June 2017, and contained two relevant sections. Section A insured the hull and machinery up to an insured value of US$56 million, and section B provided cover of up to US$14 million for increased value and/or excess liabilities.