Lloyd’s had proposal to place the LSAB into run-off due to the decline in use of the LOF but was met widespread negative feedback.
“Lloyd’s is now determined to increase the use of the form and highlight the benefits that its use can bring,” the company said in a statement.
It now plans to establish an ‘LOF Market Working Group’ to review the form and present the findings, actions and any recommendations to Lloyd’s Council
“In the meantime, we will amend our charging structure to better reflect the importance of the work undertaken by the LSAB and we will shortly be sending a further communication to the market, and wider maritime community, confirming the new charging structure for the LSAB (and use of LOF),” Lloyd’s said.
The decision was well received by industry body Maritime London.
Jos Standerwick, Chief Executive of Maritime London, commented: "I am exceptionally pleased that Lloyd’s have made the right decision on the future of the LSAB and is committed to working with the market to increase the use of the Form and highlight the benefits that its use can bring. It goes without saying that Maritime London and our members will do all we can to support Lloyd’s in this endeavour.”
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