Fascinating new world
The following bulletin got shared to the market participants and wordings chums yesterday. Lloyd's Market Association Bulletin LMA21-027-DP | 22 June 2021 Amendments to LMA Model Clauses The LMA, on behalf of its members, publishes LMA (and previously NMA and LSW) referenced clauses as model clauses. These 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. Where an LMA model clause is changed to align with the requirements of the contracting parties, it is no longer the model clause and should not be represented as such. It is currently common practice in the market to change LMA model clauses and h...