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LMA revises marine insurance policy clauses

June 10, 2024

The Lloyd’s Market Association (LMA), representing insurers and reinsurers in the London insurance market, has issued revised versions of the hull and cargo oil price cap clauses.

lma-lloyds-logoThese updates simplify the language to accommodate recent modifications in the oil price cap mechanism, adapting to changes in sanctions regulations.

Arabella Ramage, Legal Director of the Lloyd’s Market Association, commented: “After a number of recent changes to legislation by the global Price Cap Coalition (the sanctions coalition made up of the G7, the European Union and Australia), notably the decision to require ‘per voyage’ attestations on adherence to the price cap, and the inclusion of ancillary costs in the pricing formula, the LMA has decided to revise the hull and cargo clauses.

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