The Forum of Insurance Lawyers (FOIL) has established new sector focus teams (SFTs) for marine and environmental insurance to support both sectors in addressing global issues.
The FOIL’s two new SFTs will focus on the shared concerns of the marine and environmental sectors, including the environmental impact of recycling decommissioned marine vessels and the way they are recycled in contrast to international law.
The Marine SFT will mainly look into the sector’s challenges from underlining where liability lies for wrongly declared cargo, as well as the increasing size of cargo ships and liability for breaches of the Emissions Regulations 2020. Meanwhile, the Environmental SFT will help the sector address the impacts of climate change.
“There is no escaping the onslaught of climate change and the public pressure being placed on the global insurance market to do the right thing – this brings about unprecedented challenges,” said Laurence Besemer, the chief executive of FOIL.
“By bringing together the sector’s leading experts under one umbrella, FOIL is well-placed to support the insurance industry and tackle some of the biggest challenges facing the sector.”
“While insurers and their legal advisers will, of course, want to differentiate themselves from one another in their approach, there is an understanding that when it comes to the biggest issues facing business, the most important thing is consensus. We must all work together to overcome future hurdles – and this is precisely what these new teams are set up to offer,” Besemer concluded.
