Political Risks, Credit and Financial Contingencies Panel

Current Issues

The following is a brief summary of the issues covered in the last meeting (10th December)

• A working party were liaising with JXL on the Political Risk exclusion
• Arbitration wording - this was nearing completion after some changes made by the NMC
• Aviation Repo wording - the Wordings Forum had raised some points on warranties which needed addressing
• The Nigerian economic situation appeared to be stabilising 
• There was some conflicting guidance on Swiss based poloicies - Clyde were looking to provide a clear view

Committee circulars/bulletins

• Market Bulletin: Y4396 Financial Guarantee Insurance, Contract Frustration, Trade Credit and related classes
  A revised Bulletin was published on 7th May 2010. This followed detailed discussions between Perfomance Management Directorate, Lloyd's and the Business Panel
• Political Risk & Credit Claims Statement of Best Practice 
  A "Best Practice" Guide was introduced within Y4396 following work with Lloyd's, Xchanging and the Business Panel