The Joint Power Generation Committee met at LMA Meeting Room 1, with broad market representation and apologies noted for Dele Fajimolu. The meeting was conducted in strict compliance with competition law, ensuring no discussion of prohibited subjects such as pricing or confidential terms.

Key Topics

Nuclear Exclusion Clauses
Members discussed revising clauses to address US and Canadian statutory differences, aiming for full exclusion of fission and fusion risks. Drafts will be circulated.

Outdated Data Clauses
Lloyd’s raised concerns about legacy clauses (LMA2914, LMA2915), noting they lack clarity. Broader use may prompt intervention; updated clauses are needed for compliance.

Data Coverage on R&D
Ambiguity in cover for R&D losses was highlighted, especially regarding malicious versus non-malicious incidents. Clause changes and new RDS scenarios are under consideration.

Cyber Coverage
Clause LMA5426 is widely adopted, but implementation issues persist. Lloyd’s may enforce compliance. The Committee will review and draft relevant clauses.

Obsolescence Clause
The final clause is ready for legal review, with possible renaming and paramount clause considerations. BI cover duration was discussed.

Market Issues & Claims
Significant claims were reported, including major losses at coal plants and turbine damage. Obsolescence and rising claim values remain concerns.

Renewables & AOB
Weather-related claims, broker wording changes, training, and regulatory concerns were discussed. GE’s broker of record Robert Smith will assist in presentation to members in October; NDAs required. Therefore it was confirmed to them that no formal meeting will be held.