26th July 2021
Lloyd’s has confirmed that it will continue to operate the Lloyd’s Salvage Arbitration Branch (LSAB) that oversees the Lloyd’s Open Form (LOF) salvage contract and procedures. The Lloyd’s Council decision followed an industry-wide consultation over a proposal to put LSAB into ‘run off’ in the face of a declining use of the LOF, which had partially been attributed to the improved safety of the maritime industry and partially to a growing resistance by insurers to LOF's structure.
