Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Lloyd’s commits to promoting use of LOF salvage contract

Article-Lloyd’s commits to promoting use of LOF salvage contract

Photo: Sri Lankan Navy vlccfiresln.jpg
Lloyd’s has committed to the future of Lloyd’s Salvage Arbitration Branch (LSAB) that oversees the Lloyd’s Open Form (LOF) salvage contract, and to increase the use of the form.

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.”

Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.