Are marine misappropriation losses too high - underwriting challenges

The Old Library, Lloyd's
Thursday, 07 February 2019
1:10 pm – 1:55 pm
    • John Minton, CEO, Minton, Treharne & Davies Group
    • Mike Roderick, Partner, Clyde & Co
  • Marine & Energy lecture

In this IIL Marine & Energy lecture John Minton covered the background, history and characteristics of misappropriation loss claims, how they arise and why they were often so large, while Mike Roderick talked about the legal considerations behind the drafting of the JCC misappropriation wordings.

In his presentation, John provided the background, explaining that misappropriation loess although topical, were not new. He illustrated with historical cases of inventory loss and how the market has reacted to try and combat continuing losses. He concluded by stressing the importance of frequent monitoring of stocks so as to reduce the risk and extent of misappropriation losses and the incentive that the new clause provided to assured to do so. Mike covered the legal context, referring to and explaining the Exclusion wording – JC 2017-010 and the Inclusion wording - JC2017-011.

By the end of this lecture members would have gained an insight into:

  • How misappropriation losses arise and how they can be minimised
  • How the the risk of misappropriation losses for both the assured and underwriters can be reduced
  • The introduction of new JCC wordings and current market practice

Chair:
Nick Derrick, Standard Syndicate.

Venue
  • The Old Library, Lloyd's
  • One Lime Street
  • London
  • EC3M 7HA
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Registration & Security

IIL lectures are open to Lloyd's pass holders and CII and PFS/SMP members.
CII members must register online by 10.30am on the day of the lecture.
Lloyd's pass holders do not need to register for lectures held in The Old Library.
All attendees must produce photo ID - either a Lloyd's pass, driving licence with photo or valid passport.

Conditions:

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CII Accredited

This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.

3/4 hours' CPD can be claimed for this event if relevant to your learning and development needs.

It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.