Joint Hull Committee (JHC)
About JHC | Wordings/Clauses | Circulars | Links
About the Joint Hull Committee
The Joint Hull Committee (JHC) was founded in 1910 and is the oldest Joint Committee. It comprises underwriting representatives from both the Lloyd’s and IUA company markets, representing the interests of those who write marine hull business in the London market. It has a number of sub-committees, principally Navigating Limits and Risk Assessment.
Cyber
Underwriters remain mindful of the PRA requirement that underwriters identify, quantify and manage their cyber exposures, both affirmative and non-affirmative. Further to Lloyd's more specific mandate on affirming or excluding cover, LMA Marine released LMA 5402 (cyber exclusion) and LMA 5403 (cyber endorsement) to address this issue.
The regulatory definition of cyber remains a challenge as there is no harmonised understanding of what the term encompasses. That is why some work was done at working group level, focusing on software as a basic concept with clear and definite components.
Key Issues
Members' attention is drawn to the US Advisory in the links section. This was produced after months of liaison with industry and is non-mandatory. It will be for individual underwriting entities to review and decide how to best demonstrate appropriate due diligence. During the liaison, it was explained that sanctions breaches render insurance cover inoperable, AIS tracking is not in itself capable of preventing transgressions and that insurers do not have constabulary powers, so it is hoped that Flag States will demonstrate leadership as Panama and Pulau recently have.
- Alternative fuels
- Increased cost of salvage
- Sanctions
- Hong Kong convention