Insurance Act 2015/Enterprise Act 2016 – Suite of LMA model clauses
The LMA has published a suite of eight model clauses for use in connection with the Insurance Act 2015 (as amended by the Enterprise Act 2016) in relation to damages for the late payment of claims.
In addition, the LMA has produced supporting guidance to explain the suite of model clauses.
The new clauses are also available on the Lloyd's Wordings Repository (LWR).
These model clauses are purely illustrative and are prepared and distributed for use by members, who may agree different terms. The clauses were drafted with external Counsel and have undergone extensive review by the LMA’s Wordings Forum.
For more detailed guidance on the Act (updated on 06 October 2016), members should consult:
The Insurance Act 2015: A practical guide to changes in UK Insurance Law Insurance Act 2015: Quick Reference Guide
Any queries relating to the clauses or the supporting guidance may be addressed to:
Kees van der Klugt
Director, Legal & Compliance
Manager, Non Marine