loading...
0
results
Show me more results
logo

Committee

Key issues covered

Wordings

Insights

Events

Committee minutes

Key Issues Covered

The Joint Cargo Committee provides a representative forum for appropriate discussion of current issues and challenges facing the marine cargo market.

Piracy

The Committee retains the services of SPS Global (previously IHS) to provide them with detailed and timely briefings of the changing security threats around the world, available here.

Misappropriation

The recent experience of theft by misappropriation has led to a greater understanding of the developing operating methods and increased exposures of goods in store. Misappropriation exclusion and misappropriation inclusion clauses, including definitions of the perils faced, are available on the LWR.

Basis of Valuation

The increasing disparity between production and sales costs, where goods can be replaced, has been recognised by the committee and an appropriate clause is now available on the LWR.

Cyber

The Prudential Regulation Authority (PRA) has asked insurers to identify, quantify and manage their cyber risks. The definition of cyber remains fluid.

Wordings

The JCC helps to develop and issue wordings for use across the market. To receive email notification of new wordings, please subscribe.

08 January 2024

JC2024-025 War and Strikes Perils: Notice of Cancellation Administration

06 January 2023

JC2023-024 Five Powers War Clause

Committee insights

View more
Underwriting

Replay – Phantom menace: The psychology and practical implications of deep fakes as cyber threats

Underwriting

Replay – Legal developments in Canada for cyber insurers

Underwriting

FCA abandons enforcement and diversity and inclusion proposals

Upcoming events

For events hosted online, joining instructions will be emailed to all registered attendees closer to the date of the event no later than 24 hours prior to commencement.
View more events
How Examiners and Adjusters Can Use Forensic Meteorology in Hail, Wind and Hurricane Claims
The LMA Property Insurance Claims Group (PICG) invites you to an event discussing forensic meteorology.
02 09 25
09.30 - 11.30
London

Useful Links

Notice Of Cancellation

The JCC reviewed how NOCs are handled and considered the factors below:

Lead markets, follow markets and brokers have distinct roles in the process.

Leader

Whilst the GUA schedule makes it clear that NoCs need to be approved by all market participants, each for their own share, this can be overridden by provisions within the slip/policy itself. If the Lead wishes to give notice, either for cancellation or to review terms they would therefore need to check for any specific provisions regarding cancellation for war or strikes and if none are applicable then the GUA Schedule would prevail.

Under the cargo GUA schedule, once the leader has decided to issue an NoC the broker should be instructed by the Lead to consult all followers to a) inform and b) ask whether followers support the cancellation, per 3.3.7 of the GUA cargo Schedule being one of the Alterations which may be agreed only by all Underwriters each for its own proportion severally and not jointly.

All followers that wish to cancel should advise the Broker (and may also wish to inform the Leader) that they agree with the Leader’s actions but do not need to issue their own notice at their own time; they just need to support the actions of the Leader. This avoids each follower giving notice for each line. It also avoids differing slip support in the event of a claim where notice may have been given at different times.

Increases in premium where no further changes have been effected are within the discretion of the Leader per 1.12 of the GUA Marine Cargo Schedule, and such new rates would apply for all parties.

Followers position

To ensure the position is understood, Followers should check with the Leader as to the Leader’s intentions. If the Leader does not wish to give notice of cancellation but a Follower wishes to give notice for their own line, they can do so by notice to the broker in accordance with the terms of the appropriate notice of cancellation (and may also wish to inform the Leader). As provided under the GUA schedule, if the leader has given notice to review certain terms then this can be performed by the leader only, but cancellation would require notification to all followers, by the broker, and their agreement.

Brokers

Advise followers on instruction from the leader, and also advise the client.