Insurers update Lloyd’s Open Form to address dwindling use and cut costs
Changes to the world’s oldest marine salvage contract were debated at the recent Comité Maritime International event in Gothenburg
Supplementing the new contract is a ‘default’ clause agreed between shipowners and insurers, which can be inserted into policies from January 1 and allows the Open Form to be used under certain circumstances or if no contractual salvage agreement is reached within 48 hours