The LMA’s Wordings Committee have published two new clauses:
These clauses are intended for use on Contingency Cancellation and Abandonment and Non-Appearance Reinsurance Agreements and are available on the Lloyd’s Wordings Repository (LWR).
All LMA model documents are purely illustrative and are published and distributed for the guidance of Lloyd’s managing agents, brokers and other market participants. All contracting parties are free to agree to different conditions/amend the model documents as they see fit; the LMA does not protect its intellectual property rights over model documents. It is for underwriters to decide whether or not any contractual language is acceptable on any given risk. The updated model wordings are available via the Lloyd’s Wordings Repository (LWR) and the previous versions have been archived.