The LMA’s Wordings Committee has updated LMA5341 (TRIA 2020 Endorsement) to address the situation should the Terrorism Risk Insurance Program not be reauthorised before its expiry on 31 December 2027. The new clause will be published as LMA5341A (TRIA 2027 Endorsement). LMA5431 will be archived on the Lloyd’s Wordings Repository (LWR).
If the Terrorism Risk Insurance Program is reauthorised, the policyholder disclosure notices listed below will be reviewed against any updated NAIC model disclosures and revised as necessary.
All LMA model clauses 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 clauses as they see fit; the LMA does not protect its intellectual property rights over model clauses. 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).
Ray Koh
Legal Counsel
ray.koh@lmalloyds.com
Jay Desai
Executive, Legal Trainee
jay.desai@lmalloyds.com