The Bank had loaned money to the owners of the vessel “TERAS LYZA” (the Vessel). To secure the loan, the Bank registered a mortgage over the vessel and insured their interest in the vessel with marine insurance underwriters (the Insurer).
The marine insurance policy covered the hull and machinery (Section A – USD56 million) with
An April 2025 decision of the High Court of Singapore found that a warranty in a marine insurance policy requiring compliance with “statutory or regulatory requirements” would be understood by a reasonable person, with the relevant background knowledge, to mean what its plain language says. A reasonable person would have understood it to mean statutes
Banks and other financial institutions (lenders) involved in the financing of international trade deals face challenges additional to those who are financing domestic trade operations. This is principally because