The Joint Specie Committee (JSC) has published two new model clauses designed to be used for appropriate Museum clients under the following references:

JS2026-023
Defective Title, Restitution and Repatriation Clause – Artwork Plus Defence Costs

JS2026-024
Defective Title, Restitution and Repatriation Clause – Defence Costs Only

The new clauses are hyperlinked above and available for immediate use.  They will also be made available on the Lloyd’s Wordings Repository (LWR), which can be accessed via www.lloydswordings.com and on the IUA website.

All LMA and IUA model documents are purely illustrative and are published and distributed for the guidance of underwriters, 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 and IUA do not protect their intellectual property rights over model documents. It is for underwriters to decide whether or not any contractual language is acceptable on any given risk.