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

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

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

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

5. Communication with Co-insurers
Within London
Overseas
Role of Brokers

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

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

8. 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

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

10. 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?

11. 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

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