In 2016, the MIABC conducted a full scale review of the Liability Protection Agreement, which culminated in a number of substantive changes passed by the membership at the 2016 Annual General Meeting.
The MIABC’s members voted to approve the following Liability Protection Agreement amendments, which are designed to expand coverage and clarify existing terms:
- Adding an explicit definition of a “commercial marine facility,” which will assist the MIABC and its members in interpreting the existing Commercial Marine Facility Exclusion;
- Narrowing the application of the Cyber Risks Exclusion in order to broaden this area of coverage; and
- Increasing the policy limits for the Asbestos, Fungi, Terrorism, Cyber Risks Endorsement and the Pollution Liability Endorsement from $1 million to $2 million.