{"id":37989,"date":"2026-03-21T01:37:45","date_gmt":"2026-03-20T17:37:45","guid":{"rendered":"https:\/\/sgbuzz.com\/?p=37989"},"modified":"2026-03-21T01:37:45","modified_gmt":"2026-03-20T17:37:45","slug":"ocbc-cannot-claim-us56-million-from-insurers-for-the-capsized-vessel-it-funded-court-of-appeal","status":"publish","type":"post","link":"https:\/\/sgbuzz.com\/?p=37989","title":{"rendered":"OCBC cannot claim US$56 million from insurers for the capsized vessel it funded: Court of Appeal"},"content":{"rendered":"<p><br \/>\n<\/p>\n<p>Court says bank had not proved rig was lost by peril of the seas as it did not offer a cause of seawater entering vessel by chance<\/p>\n<div data-testid=\"article-body-container\">\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">[SINGAPORE] <!-- --> <!-- -->OCBC<!-- --> <!-- --> is unable to claim US$56 million from a group of insurers for a vessel that it offered mortgage after the Court of Appeal allowed the five insurers\u2019 appeal on Thursday (Mar 19). <\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">Earlier in April, OCBC was awarded US$56 million under a marine insurance policy by the High Court, after the judge ruled that the lender had proved that the vessel was lost to perils of the seas and was a constructive total loss (the cost of the recovery and repair of the vessel exceeding her insured value).<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">Argoglobal Underwriting Asia Pacific, China Taiping Insurance (Singapore), Great American Insurance, MS First Capital Insurance and\u00a0QBE Insurance (Singapore) are the insurers that won the appeal.<\/p>\n<div data-testid=\"article-btg-newsletter-component\" data-section-name=\"newsletter\" data-section-label=\"decoding asia 2\" class=\"track-impression border-t border-gray-175 py-3\">\n<div>\n<p class=\"font-lucida text-xl font-medium italic leading-normal -tracking-5% text-gray-850\">Decoding Asia newsletter: your guide to navigating Asia in a new global order. <span class=\"inline border-none p-0 font-lucida text-inherit text-xl font-medium italic leading-normal !-tracking-5% text-verticals-btblue !underline outline-none\">Sign up here to get Decoding Asia newsletter.<\/span> Delivered to your inbox. Free.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.businesstimes.com.sg\/companies-markets\/banking-finance\/ocbc-cannot-claim-us56-million-insurers-capsized-vessel-it-funded-court-appeal\" target=\"_blank\" rel=\"noopener\">Read Full Article At Source <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Court says bank had not proved rig was lost by peril of the seas as it did not offer a cause of seawater entering vessel&#8230;<\/p>\n","protected":false},"author":1,"featured_media":37990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[2611],"tags":[],"class_list":["post-37989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-headlines","wpcat-2611-id"],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/37989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37989"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/37989\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/37990"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}