Maritime insurers back e-Bills as Singapore pushes digital trade shift

Four TradeTrust platforms now approved by P&I clubs for insurance coverage.

Singapore has taken a key step towards wider use of digital trade documents in maritime insurance, after global maritime insurers approved electronic Bills of Lading on several TradeTrust-enabled platforms.

The Infocomm Media Development Authority said four digital trade platforms — AEOTrade, BlockPeer, Credore, and SGTraDex — have been approved by the International Group of Protection and Indemnity Clubs.

This means electronic Bills of Lading issued on these platforms will be treated the same as paper documents for insurance cover in maritime trade.

P&I insurance is required for most global shipping activities. Without insurer approval, shipping companies and cargo owners are generally unable to rely on electronic documents. 

The approval removes a major barrier that has slowed the use of electronic Bills of Lading, as insurers now recognise them for insured voyages.

IMDA said the approvals were made possible by the use of TradeTrust’s standard legal terms, which allow digital platforms to meet insurance and regulatory requirements more easily. 

This gives shipowners, cargo owners and banks greater certainty that electronic trade documents will be accepted in insurance claims.