The Joint Cargo Committee received an update from S&P on changes to the Global Cargo Watch List, including heightened risk assessments in several territories and sectors. Discussion focused on geopolitical developments affecting cargo exposures, including the ongoing conflict in the Middle East, security risks to shipping in the Gulf, and emerging political and security concerns in the Democratic Republic of Congo and Uganda. 

Members reviewed the use of the Cargo GUA Schedule and discussed the operation of electronic endorsement processes, including the importance of ensuring platform functionality aligns with market expectations. 

The committee also considered emerging claims trends arising from disruption to shipping movements in the Gulf region. Discussion highlighted the complexities associated with additional expenses, rerouting costs, abandonment of voyage scenarios and the application of policy wordings in a changing operating environment. 

Updates were provided on the Satellite and Pre-Launch wording, storage clause development and LNG boil-off wording, with further work agreed to refine market guidance and ensure clarity of application. Claims and legal discussions included major warehouse fire and pharmaceutical contamination losses, together with concerns regarding the potential impact of new policy wording provisions that could narrow the intended scope of market exclusions. Plans for future Under 35s educational events were also noted.