Cargo Oil and Oil Products Price Cap Notice and Clause Endorsements

The LMA is reissuing LMA5610A to change the period of time for obtaining documentation to 30 days from 28 days in accordance with the recent amendment to OFSI’s guidelines. We are also issuing new LMA5610B to respond to feedback from insurers.

In LMA5610B we have deleted the obligation to obtain price information as well as an attestation for each voyage. We consider that in most circumstances insurers can reasonably rely on the provision of an attestation alone to comply with the relevant requirements of the updated price cap regime. We have informed both OFAC and OFSI of this change.

There may be occasions where an insurer subject to OFSI jurisdiction considers that they could be within a different Tier from 3A (based upon access to price information). In such case they may have additional obligations (also as to reporting to OFSI) and prefer to use LMA5610A.

LMA5610A Cargo Oil and Oil Products Price Cap Notice and Clause Endorsement

LMA5610B Cargo Oil and Oil Products Price Cap Notice and Clause Endorsement

Arabella Ramage
Legal Director
arabella.ramage@lmalloyds.com