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