Lloyd's Market Association Bulletin

LMA18-008-KK  |  12 February 2018

LMA market guidance – Duty of confidentiality 

The LMA has produced with Clyde & Co market guidance on the duty of confidentiality:

   LMA market guidance: Duty of confidentiality

We are publishing this guidance at the request of a number of LMA committees as a reminder about relevant law and regulation concerning confidentiality and the serious potential consequences of breach, both at a personal member-of-staff level and at corporate level.

The guidance gives a summary of the following:

  • The common law duty of confidentiality and exposure to damages and/or injunctive relief for breach
  • Data protection rules and exposure to substantial fines and other enforcement action for breach
  • Protection of trade secrets
  • Legal privilege and contempt of court
  • Regulatory rules and potential for enforcement action if breached
  • Contractual obligations under employment contracts, and
  • Contractual obligations under non disclosure agreements (NDAs), and potential consequences of breach;
  • Individual personal liability under these heads in addition to corporate liability.

If you have any questions about this guidance, please contact:

 Kees van der Klugt  David Powell  Michelle Crorie
 Legal and Compliance Director  Head of Non-Marine Underwriting  Partner, Clyde & Co LLP
 kees.vanderklugt@lmalloyds.com   david.powell@lmalloyds.com  michelle.crorie@clydeco.com