Bye bye Lloyd's of London?
The Lloyd's Open Form, the basis for 'no cure-no pay' salvage service arrangements central to marine salvage operations for over a century, may cease to exist
NOT so long ago, if you mentioned Lloyd's of London, everybody would have known you were talking about shipping insurance and images of the Lutine bell would come to mind.
The Lutine bell is still there, and was rung when London went into Covid-19 lockdown. Shipping, though, is now only a small part of what the syndicates at Lloyd's cover, which is pretty much anything and everything.
One of the remaining links with Lloyd's' shipping heritage is the Lloyd's Open Form (LOF). This provides for salvage services on a "no cure-no pay" basis with an award for success based on the values of the property saved. It replaced the previous Lloyd's Standard Form of Salvage Agreement and includes the Special Compensation P&I Club Clause that rewards salvors for environmental protection services.
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