Lloyd's Market Association Bulletin
LMA21-024-NR | 13 May 2021
Updated 50/50 Provisional Claims Settlement Clause and Model Agreement
Further to the announcement that LIBOR is to be retired from the end of 2021, the Aviation Committees of the LMA, IUA and LIIBA agreed that AVS103 should be reviewed and updated. Accordingly the three associations have drafted various amendments to the original clause and agreed that this should be published as AVS103A.
Practitioners should note that due to the retirement of LIBOR, any Policy which contains AVS103 may need to be reviewed.
Additionally, the LMA Aviation Committee and Aviation Hull War Forum worked with HFW to develop a model agreement to assist practitioners in the application of AVS103A.
These documents are available for immediate use and will also be available via the Lloyd's Wordings' Repository (www.lloydswordings.com).
Head of Marine & Aviation