Leader’s Rights, roles and Responsibilities IMCC 2005 Leader’s Rights, roles and Responsibilities London Market

Format Speaker’s template Some thoughts/observations …excuses? Some issues for the future?

Strength of leader to handle the claim International Hull Clauses Institute Time Clauses 1999 Claims Scheme LMP (LMP 2001) Role of Xchanging

Informing Co-insurers To what extent? Instruction of Experts Legal Action being commenced Reserving

Communication with Co-insurers Within London Overseas Role of Brokers

Legal and/or moral duty to following market? Marine Insurance Act 1906 – silent Market schemes Slip conditions Surprises are unwelcome with Capital Providers

Funding on behalf of co-insurers Unheard of!! but Why do it?

Bail – is it provided and on whose behalf? Generally no No provision within ITC International Hull Clause have a provision that underwriters will give ‘due consideration to providing security’ Bonding companies tend to be used

Leader’s Expenses Claims handling fees – not charged Interest – not charged

Thoughts to discuss London has 300 years of legacy/several hundred subscribers London also takes the claims leader role on other International marine clauses Are we delivering the right service to brokers?

Thoughts to discuss – the future years ….. Regulation: will it hinder improvements in marine claims servicing? will it strangle the process? Peer review – will it increase? Where do the peers come from in a diminishing market? Non-mariners rule the roost Pressure on leaders – litigious environment

Leader’s Rights, roles and Responsibilities IMCC 2005 Leader’s Rights, roles and Responsibilities London Market