Lloyd’s has published a new edition of Lloyd’s Open Form (LOF) - it comes after a two year process to review the workings of the contract with the objective of increasing its use.
There have been several initiatives that have come from this review, such as a requirement for users of LOF to provide Lloyd’s with ESG data for every LOF. It is hoped that this will help to demonstrate the ESG benefits that using the form brings to owners and insurers. It will also be a requirement for the parties to settled cases to provide information about the settlement. This will be handled anonymously by Lloyd’s and aggregated to give some evidence about the cost of using the form that is presently only available from published awards.
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