Update to International and USA Non-Marine Property Physical Loss or Damage Wordings

 

The LMA’s Worldwide Property Business Panel has produced updates to the International and USA model Non-Marine Property Physical Loss or Damage Wordings (previously LMA3032 and LMA3033, both of which are still available on the LWR).

The updated International wording has been published as LMA3182 and encompasses a series of updates; a list of the notable changes is attached to this bulletin.

The USA wording has been published as LMA3183 and the same changes made to LMA3182 have been applied. 

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

International Non-Marine Property Physical Loss or Damage Wording - LMA3182

USA Non-Marine Property Physical Loss or Damage Wording - LMA3183

Notable Changes

David Powell