LMA 5392 Limited Automatic Extension Prevention of Access to Lloyds of London

LMA 5392 Limited Automatic Extension Prevention of Access to Lloyds of London

LMA 5392 Limited Automatic Extension Prevention of Access to Lloyds of London

  1. In the event that, seven (7) or fewer calendar days before expiration of this contract of (re)insurance, all Lloyd’s Syndicates are prevented from entering Lloyd’s of London, One Lime Street, London, EC3M 7DQ:

1.1. by the Corporation of Lloyd’s; or

1.2. following the imposition of quarantine or restriction in movement of people by any national or international body or agency;

for more than one (1) business day during the seven (7) days before expiration of the contract of (re)insurance, this contract of (re)insurance shall, in consideration of a pro-rata additional premium, be automatically extended at the existing terms and conditions for fourteen (14) days from the expiration of the contract of (re)insurance.

  1. However, the automatic extension provided under paragraph 1:

2.1. shall only apply if the (re)insured, their broker or (re)insurers, despite using best endeavours, are unable to implement Lloyd’s Emergency Trading Protocol; and

2.2. shall not increase or reinstate any applicable limit(s) of liability; and

2.3. shall only apply once, unless agreed otherwise in writing by (re)insurers; and

2.4. can be voided by mutual agreement between the (re)insured and (re)insurers.

LMA5392

12 March 2020

 


 


LMA 5392 Limited Automatic Extension Prevention of Access to Lloyds of London

About the Lloyd’s Market Association
The Lloyd’s Market Association (LMA) represents the interests of the Lloyd’s community, providing professional and technical support to our members. All managing and members’ agents at Lloyd’s are full members, who together manage a gross premium income of around £31 billion per annum. Through the LMA, their interests are represented wherever decisions need to be made that affect the market.

The purpose of the LMA is to identify and resolve issues which are of particular interest to the Lloyd’s market. We work in partnership with the Corporation of Lloyd’s and other market-related associations to influence the course of future market initiatives.

Our agenda is driven by and on behalf of our members – many of whose staff freely give up their time to participate on our committees and business panels, as well as other groups who are essential to the strength of the association.

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