Lloyd’s Open Form (LOF) emergency response contracts have fallen from favour dramatically this year, according to Lloyd’s of London, with only 23 agreements awarded in total.
While such contracts have long been in decline, the 2019 total is down on the 37 awarded in 2018 and 55 in the previous 12 months.
The “no cure, no pay” contract is the traditional way emergency response contracts are awarded in shipping.
