Argoglobal Underwriting Asia Pacific Pte Ltd and Others v Oversea-Chinese Banking Corporation Ltd [2026] SGCA 14 - Singapore Court of Appeal (Sundaresh Menon CJ, Steven Chong and Hri Kumar Nair JJCA) - 19 March 2026

Insurance - Marine - Vessel capsizing - Constructive total loss - Perils of the sea - Breach of the duty of fair presentation - Seaworthiness - Breach of warranty - Insurable interest

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. Section B provided cover of up to US$14 million for increased value and/or excess liabilities.