A new Lloyd’s Open Form (LOF) arbitration panel has been launched by Lloyd’s of London. The appointments follow Lloyd’s announcement last May that it would change the way the panel operates, “and invited applications for a position on the panel of arbitrators from admiralty barristers.”
The LOF “provides a regime for determining the amount of remuneration to be awarded to salvors for their services in saving property at sea and minimizing or preventing damage to the environment,” the bulletin explained. It originated in the late 1800’s and is “the most widely used international salvage agreement of its kind in the world today.”
The initial panel consists of the following members: Timothy Brenton QC, Michael Howard QC, Simon Kverndal QC, Lionel Persey QC and Jeremy Russell QC. Lloyd’s said the panel will serve as “first instance arbitrators.”
In addition the announcement noted that the aptly named “Lord Chief Justice, Lord Judge, has made Mr. Justice Teare available to sit as the LOF appeal arbitrator until December 2010 when the position will be reviewed. Mr. Justice Teare was the LOF appeal arbitrator until his elevation to the Queen’s Bench Division of the High Court in October 2006. Sitting in the Commercial Court Sir Nigel brings extensive experience of LOF matters.”
Lloyd’s Chairman Lord Levene commented: “I am delighted to announce these new panel appointments which will underpin the ongoing success of LOF. I am grateful for the support of the Lord Chief Justice and of the Commercial Court which underlines the importance of Lloyd’s Open Form and English commercial law to the maritime community.”
Source: Lloyd’s of London – www.lloyds.com
Was this article valuable?
Here are more articles you may enjoy.