The Lloyd's Market Association (LMA) announced today it has reached an agreement with the EC on changes to the future operation of the London aviation insurance market.
The measures agreed include adjustments to the operation of the market's representative bodies and to the mechanisms by which model form clauses are produced.
Also included is the London Aviation Insurance Crisis Response Protocol, which can be used in the event of crises caused by war or terrorism.
Rod Dampier of the LMA's aviation committee said: “We are very happy to agree these measures which, whilst recognising the highly competitive nature of the global market within which we work, will strengthen transparency and good governance in the aviation insurance market for the benefit of both our customers and, ultimately, individual travellers.”
