Lloyd's has appointed a new appeal arbitrator to ensure that costs are paid when a ship is in trouble at sea.
John Reeder QC has become Lloyd's Agency Department's latest appeal arbitrator and will replace Nigel Teare QC, who has been appointed to the High Court.
Reeder, who has appeared as counsel in a significant number of important salvage cases, will be called upon when there is a dispute over payment under the international salvage agreement, Lloyd's Open Form (LOP).
The LOP ensures that when a ship is in distress it will obtain salvage assistance without the need for negotiation between salvors and shipowners, thereby saving precious time when immediate help is most needed.
Simon Kverndal QC has also been appointed as one of three arbitrators to the Lloyd's panel, who deal with the initial stages of a salvage payment dispute.
Sonja Fink, Controller of Agencies at Lloyd's, said: “Their appointment will ensure that we maintain the high standards of professionalism and expertise associated with the administration of Lloyd's Open Form as well as the continuity and consistency required by its users."
The Lloyd's Agency Network provides a survey and adjusting service for the Lloyd's marine insurance market.
