Lloyd s Open Form - A time to innovate.. David Lawrence Controller of Agencies, Lloyd s

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Transcription:

Lloyd s Open Form - A time to innovate.. David Lawrence Controller of Agencies, Lloyd s

Lloyd s Open Form - A time to innovate AGAIN.. David Lawrence Controller of Agencies, Lloyd s

AGENDA Lloyd s Open Form (LOF) Back to basics LOF - Changes and challenges LOF Determining the future 19.09.2017 3

LOF Back to basics 19.09.2017 4

LOF Back to basics 19.09.2017 5

LOF Back to basics Key LOF benefits include: Immediate engagement and mobilisation of salvage tugs and support equipment Salvors BEST endeavours Collection of salvage security by Lloyd s Arbitration process administered by Lloyd s 19.09.2017 6

LOF Back to basics Simple, trusted and efficient, Lloyd s Open Form continues to support all parties involved in global maritime adventures BUT Does LOF continue to support all parties? Is LOF trusted? AND 19.09.2017 7

Number of Cases LOF - A time to innovate... LOF Back to basics 100 95* LOF Cases - 2007 to 2016 90 80 70 60 50 79* 79* 61* 70* 71* 61 50 48 40 37 30 20 10 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Year * Excluding LOFs for small leisure craft from one specific Salvor (a total of 196 cases) 19.09.2017 8

LOF Back to basics 1 10 11 1 4 1 3 1 4 4 6 2 Geographical Spread of 48 LOFs - 2016 19.09.2017 9

LOF Back to basics LOF still alive and with a role to play 19.09.2017 10

LOF Changes and challenges 19.09.2017 11

LOF Changes and challenges LOF is too expensive! LOF is favours Salvors... Impossible to reserve with any accuracy Parties are too close 19.09.2017 12

LOF Changes and challenges LOF is a lottery! Like signing a blank cheque... Cargo interests have no say Playing the system 19.09.2017 13

LOF Changes and challenges Trust challenge between ALL parties 19.09.2017 14

LOF Changes and challenges Overcapacity in the Salvage industry (?) 19.09.2017 15

LOF Changes and challenges A clean LOF and the emergence of side agreements 19.09.2017 16

LOF Changes and challenges Knowledge gap of marine claims practitioners (?) 19.09.2017 17

LOF Changes and challenges Advancement of Risk Management across the maritime sector 19.09.2017 18

LOF Changes and challenges The need to recognise the changing environment when opining on LOF 19.09.2017 19

LOF Determining the future 19.09.2017 20

LOF Determining the future LOF and innovation Innovation: To make changes in something established, especially by introducing new methods, ideas or products 19.09.2017 21

LOF Determining the future LOF and innovation it is not the most intellectual of the species salvage contracts that survives; it is not the strongest that survives; but the species salvage contract that survives is the one that is able to adapt and adjust best to the changing environment in which it finds itself 19.09.2017 22

LOF Determining the future LOF and innovation Since inception (in 1908) 11 revisions to the form with the Lloyd s Salvage Group now considering a 13th version Introduction of side agreements Advancement of Risk Management and Specialist Claims teams 19.09.2017 23

LOF Determining the future Addressing the TRUST issue 19.09.2017 24

LOF Determining the future Addressing the TRUST issue Salvor(s) or Lloyd s Open Form 19.09.2017 25

LOF Determining the future Lloyd s Salvage Group (LSG) IUMI and Property Interests, International Salvage Union (ISU), International Group of PandI Clubs, Admiralty Solicitors Group (ASG), International Chamber of Shipping (ICS), Ship Owners, Intertanko, Arbitrators, Brokers, Average Adjusters, Specialty Casualty Representatives (specific to SCOPIC) 19.09.2017 26

LOF Determining the future IUMI and Property Interests Philip Norwood Lloyd s Market Association, UK Peter Townsend Amtrust at Lloyd s, UK Paul Cunningham Talbot Underwriting (Lloyd s), UK Leif Erik Abrahamsen Gard, Norway 19.09.2017 27

LOF Determining the future Opportunities LOF 2018/2019 An Article 13 tariff based LOF Fixed Cost Arbitration Procedure (FCAP) under LOF Cargo & Hull collaboration 19.09.2017 28

LOF Determining the future 19.09.2017 29

LOF Determining the future Fundamental question: Is the insurance industry (property interests) prepared to fund the encouragement of future salvage operations? under LOF? 19.09.2017 30

LOF Determining the future 1. YES 2. YES but subject to the salvage industry being able to quantify that this level of encouragement is being reinvested 3. NO 19.09.2017 31

THANK YOU FOR YOUR ATTENTION www.lloyds.com/agency David Lawrence Controller of Agencies Lloyd s Agency 19.09.2017 32

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