Onshore Energy Business Panel
The Panel represents and promotes the interests of the writers of Onshore Energy business within the London market. It was created in 2011 and has a worldwide territorial remit. Its scope includes hydrocarbon production and processing but not operational power (business classified by Lloyd's as 'PG' ) or mining risks. Click here for a list of current Panel members and the Business Panel Terms of Reference .
Role of the panel
Broadly the role of the Onshore Energy Business Panel is to:
- Identify issues considered to be of interest or concern to market practitioners, for discussion within the Panel and/or referral as appropriate to the relevant LMA Committee and/or the LMA Executive
- Respond to requests from the Non-Marine Committee (NMC), the LMA Executive and other LMA Committees and Groups for advice and recommendations on issues
- Liaise with the NMC to develop or revise policy wordings or clauses for adoption as LMA accredited wordings, establishing working groups as necessary to undertake this work
- Liaise with the NMC to undertake other technical activities, establishing working groups as necessary
- Provide a forum for exchange of views and information between market practitioners
The LMA issues model wordings from time to time. These wordings are purely illustrative and established and distributed for the guidance of members, who are free to agree different conditions.
Recently issued wordings that may be of interest to the LMA membership writing Onshore Energy business are listed below.
These wordings are all available on the Lloyd's Wordings Repository.
LMA5515 - Business Interruption Volatility Clause (for use on Oil, Gas and Petrochemical Contracts)
LMA5514 - Property Damage Valuation and Average Clause (for use on Onshore Energy Risks)
- Business Interruption Volatility Clause - Average Daily Value (For use on Oil, Gas and Petrochemical Contracts)
LMA5383 - Business Interruption Volatility Clause (for use on Oil, Gas and Petrochemical Contracts)