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Worldwide Property Business Panel – 09 January 2025

The panel provided updates including modernising LMA3022 and LMA3023 wordings and archiving NMA2914, while retaining LMA5400 as the preferred clause. Concerns were raised about ‘secret agents’ coverage and carbon credits definitions, highlighting the need to clarify exclusions. Claims updates noted pending information on LA wildfires and friendly engagement with NAPIA to expedite claims. The D&F Forum would feature the LMA’s Enhanced Underwriting Report and exposure management updates. Members noted market conditions, including increased commissions and challenging physical triggers. A presentation on polyurethane foam in coal mines would be shared with members.