The LMA Engineering Business Panel was re-established in 2024 to represent and promote the interests of the writers of construction business within the Lloyd’s market. This typically includes coverage for construction, erection, machinery breakdown, electronic equipment and related technical lines.
The Engineering Business Panel monitors market developments and emerging risks affecting the market. It proactively assesses their impact on underwriting and coverage, ensuring the London market remains responsive, innovative and equipped to handle the changing landscape of technical and engineering-related risks.
This can stem from various issues, including poor planning, lack of communication, insufficient funding and external factors such as weather or regulatory changes. Successfully mitigating these delays requires proactive measures such as thorough planning, clear communication, robust risk management and flexible project execution.
Latent defects are hidden flaws in a building’s workmanship, design, materials or construction that are not readily apparent upon reasonable inspection. These defects may only become apparent after a period of time, sometimes years after the completion of the project, and can be caused by issues such as faulty foundations, design flaws or inferior materials.
From methodology of calculation, apportioning and collection. The issue of engineering fees has been an issue within the construction market. Members liaise with brokers, insured and carriers to discuss this issue.
The EBP helps to develop and issue LMA wordings for use across the market. To receive email notification of new wordings, please subscribe.
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