Home / Banking & Finance

Legal News

LMA updates aviation model wording due to LIBOR end

Copyright © 2025 LexisNexis
Published on: 17 March 2021
Published by LNB News

LNB News 17/03/2021

Document Information

Issue Date: 17 March 2021

Published Date: 17 March 2021

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

The Lloyd's Market Association (LMA), in conjunction with the Aviation Committees of the LMA, IUA, LIIBA and HFW have updated clause AVS103 (50/50 Provisional Claims Settlement Clause) to reflect the end of LIBOR at the end of 2021. Various amendments have been agreed and it has been published as AVS103A. The LMS warn practitioners to note that due to the end of LIBOR, any policy which contains AVS103 may need to be reviewed.

Powered by Lexis+®
Jurisdiction(s):
England, Northern Ireland, Scotland and Wales

Related documents:

4 News
View More
7 Practice notes
View More
1 Precedents
Powered by Lexis+®

Related documents:

4 News
View More
7 Practice notes
View More
1 Precedents

Popular documents

Scotland—the process for applying for sequestration

Scotland—the process for applying for sequestrationSequestration in Scotland is the legal process by which an insolvent debtor’s estate is gathered in, realised and then distributed among their creditors by a trustee appointed for that purpose. The process requires that a formal award of

Micklefield clauses

Micklefield clausesWhat is a Micklefield clause?It is common for employee share plans to provide that, on termination of employment (or when an employee is given or receives notice of termination of employment), subsisting share awards will be forfeited and subsisting share options will lapse.It is

Contributory negligence in personal injury claims

Contributory negligence in personal injury claimsContributory negligence is a partial defence which can lead to a discount in damages.Other defences may also be relevant. See Practice Notes: Did the claimant consent to the risk of injury? and Was the claimant involved in an illegal activity?If a

Where are misrepresentations made? Jurisdictional traps for the unwary (Bellmare Holdings Ltd v Wells)

Dispute Resolution analysis: The High Court has provided concise guidance as to how misrepresentation should be analysed when considering jurisdictional gateways. Under Article 5(3) of the Lugano Convention, in negligent misstatement cases, the place of the event giving rise to damage is normally