Appraisal Amendment Clause

The LMA Worldwide Property Business Panel, in conjunction with US legal assistance and the Property Insurance Claims Group, have produced a model clause proposing a process to resolve disagreements on the amount of a loss via an appraisal procedure.

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).

LMA5661 Appraisal Amendment Clause

Ron Monfries