The Forum of Insurance Lawyers (FOIL) and London FOIL have set up two sector focus teams (SFTs) in a bid to tackle the issues regarding marine and environmental sectors around the world.
The two sectors have different issues, many are said to be similar. The SFTs will focus on shared issues such as the marine vessels, which are decommissioned and recycled against international law that harms the environment.
The Marine SFT of London FOIL will focus on the challenges of the sector such as the misdeclared cargo liability and the increasing cargo ship size.
The Environmental SFT of FOIL will look into the issues around the world, which impact the sector.
It said that it will ask the question, ‘how prepared is the insurance industry to combat climate change? And has it decided what role it has to play in the battle ahead?’.
The team will also emphasise on the green energy investment trend and the related risk and liability issues.
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Similar to other FOIL SFTs, the two teams will carry out facilitate training and events, lead campaigns, act as leaders and showcase expertise to non-members and potential clients.
The SFT structure was created by FOIL to align itself with the insurance industry’s operational movements.
FOIL CEO Laurence Besemer said: “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. 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.
“The London Marine Insurance market is one of the oldest and largest in the world and we are proud to be launching a new team to support this market as it navigates a post-Covid world.
“Whilst 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.”