Marine insurance: perils of the sea and constructive total loss

In ArgoGlobal Underwriting Asia Pacific Pte Ltd v Oversea-Chinese Banking Corporation Ltd [2026] SGCA 14; [2026] Lloyd's Rep IR Plus 9 the Singapore Court of Appeal has reversed the first instance decision of Kwek Mean Luck J, [2026] Lloyd's Rep IR 25, on a claim for the constructive total loss of a vessel. The policy was governed by English law, and there were a number of English law principles discussed, though not all issues arising at first instance were addressed in the appeal. The key question on appeal was the application of the principles applicable to perils of the seas.

OCBC: the facts