The Federation of Insurance Lawyers (FOIL) has announced it is to launch two new teams to tackle the challenges posed by Climate change and the global maritime market post COVID-19.
The sector focus teams (SFTs) have been created to “address some of the global issues plaguing the marine and environmental sectors”, FOIL said in a statement.
The federation added that whilst the two sectors each have unique challenges, there are a number of shared concerns that the two SFTs will seek to spotlight, including the large number of marine vessels that are decommissioned and recycled in ways contrary to international law and the damage this causes to the environment.
London FOIL’s Marine SFT will be looking into some of the sector’s challenges from underlining where liability lies for mis-declared cargo, to the increasing size of cargo ships and liability for breaches of the Emissions Regulations 2020.
FOIL’s Environmental SFT will focus on global issues impacting the sector by asking a difficult 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 SFT will also focus on the rising trend of green energy investment, and the associated risk and liability issues that come with that.
“As with all FOIL SFTs, these two new teams will facilitate training and events, spearhead campaigns, act as thought leaders and demonstrate expertise to non-members and potential clients,” it said in a statement. “FOIL created its SFT structure several years ago to align itself more closely with the operational movements of the insurance industry. This structure has allowed the organisation to be flexible and expand out of its personal injury origins to become a significant voice across all traches of the insurance sector.”
FOIL Chief Executive Laurence Besemer explained: “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.”