Insurers update Lloyd’s Open Form to address dwindling use and cut costs

Supplementing the new contract is a ‘default’ clause agreed between shipowners and insurers, which can be inserted into policies from January 1 and allows the Open Form to be used under certain circumstances or if no contractual salvage agreement is reached within 48 hours

A new version of the Lloyd’s Open Form, a 132-year-old emergency marine salvage contract used around the world, will be released this week, supplemented by a groundbreaking policy clause negotiated between shipowners and insurers at Lloyd’s.