The LMA Wordings Committee convened to review progress on various clause updates and ongoing projects. Key items included the Bilateral Cancellation Clause, where updates were proposed to modernise language and detail premium treatment in the event of loss prior to cancellation. The committee also discussed two variants of the LMA5020 Service of Suit Clause (USA). 

Updates were shared on the LMA5400 suite of wordings and the Property (Digital Assets) Bill, for which a working group is being formed.  The review of LMA3022/3023 property wordings was underway, with the working group discussing incorporating widely used endorsements into the base wordings. 

Ongoing work included updates on international data protection clauses, a UK SME property/business interruption policy wording and the General Sanctions Financial Crime Documentation Clause dealing with documentation needed in the course of a contract to evidence compliance with sanctions and financial crime legislation and regulation. The committee also noted limited feedback on the French Supreme Court decision and paused work on the NMA2074 update. 

Under AOB, members queried the use of ‘Act of God’ in relation to climate clauses, wildfire exclusions in property policies and the status of the 5 Powers Endorsement. The committee was informed of a new appointment to the LMA Wordings Team.