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
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
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.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss
Beijing’s calculated silence on the Iran war
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
