LMA develops renewal clause amid Covid-19
The London Market organisation has published wording to ensure coverage continues beyond a specified renewal date as the coronavirus pandemic continues.
The Lloyd’s Market Association (LMA) has published, on behalf of its members, policy language developed to ensure customers’ coverage continues beyond a specified renewal date if the Lloyd’s market is inaccessible and the Emergency Trading Protocol fails.
The clause is intended to ensure that (re)insureds will not be left without cover if the developing Covid-19 situation makes normal renewal discussions untenable.
On Friday 13 March, Lloyd’s closed its underwriting room for the first time as
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