The LMA Wordings Committee met to discuss ongoing projects. Key updates included the General Sanctions Financial Crime Documentation Clause, which was amended following feedback and will be presented at a sanctions roundtable. The committee also discussed Lloyd’s Bulletin Y5438, confirming that revised binding authority clauses (LMA3184/3185) were published to reflect new requirements and remove references to managing agencies. 

Several clauses were reviewed, including hybrid cyber clauses for Terrorism & Political Violence (T&PV), an updated Financial Institutions Cyber Clause (LMA5478A) and the alternate Facultative Certificate Order of Priority Endorsement. A suite of Strikes, Riots and Civil Commotion clauses for the LMA Contingency Committee was also reviewed, with guidance to be drafted to address potential conflicts with strike and protest exclusions. 

The committee noted progress on the Limited Computer System Failure Endorsements (LMA5591A and LMA5592A) and confirmed that the model Territorial Exclusion clause for Russia, Ukraine and Belarus for T&PV had been submitted to the LMA Non-Marine Committee. Profit Commission clauses were discussed, with plans to draft an ‘evergreen’ version requested by Legal Dept. 

Other items included the recirculation of feedback on the French Supreme Court decision, the upcoming publication of revised versions of LMA5020, NMA1998 and LMA5021 clauses, and the continuation of the ‘Spring Clean’ review of older wordings. Increased broker use of LMA5326A (Change of Claims Lead re RITC/LPT) was noted. It was queried whether LMA3200 had been reviewed by OFAC.