Amended RESC Obsolescence Endorsement Clause

The Renewable Energy Sub-Committee have published a revised version of the Obsolescence Clause. The revised version provides more information and example calculations.

The revised clause has an “A” suffix and is now available for use

LMA5572A

All LMA model clauses 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 clauses as they see fit; the LMA does not protect its intellectual property rights over model clauses. It is for underwriters to decide whether or not any contractual language is acceptable on any given risk. The clauses are available on the Lloyd’s Wordings Repository (LWR).

Ron Monfries
Executive, Technical Underwriting

Dele Fajimolu
Senior Executive, Technical Underwriting