The Joint Specie Committee (JSC) has published a new model clause under the following reference and title:

JS2026-025 Conceptual Works of Art and Their Certificates of Authenticity

This clause is designed to assist with insured collections, which include conceptual artworks where the value may lie substantially in the certificate of authenticity rather than in the artwork itself.

The new clause is hyperlinked above and available for immediate use. It will also be made available on the Lloyd’s Wordings Repository (LWR), which can be accessed via www.lloydswordings.com and on the IUA website.

All LMA and IUA model documents are purely illustrative and are published and distributed for the guidance of underwriters, 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 and IUA do not protect their intellectual property rights over model documents. It is for underwriters to decide whether or not any contractual language is acceptable on any given risk.