Lloyd's Underwriting Associations and Lloyd's Corporation have joined forces to establish a computer database to respond to possible Y2K millennium bug claims.
The Market Year 2000 Co-ordination and Information Panel (MYCIP) will enable members of Lloyd's to pool experience and knowledge on the potential computer problem.
The database will also contain information on claims from lawyers based all over the world and can be accessed via the internet.
Past experience of asbestos, pollution and health hazard risks has demonstrated the distinct advantages of sharing claims-related knowledge.
MYCIP will operate as a non-profit making body, funded by users.
Reg Brown, underwriter on Octavian Syndicate 702, has been appointed chairman of the panel which will consist of senior underwriting and claims experts.
Brown emphasised the substantial cost savings to be derived from co-operation.
He said: "The panel will cut out duplication, benefiting our clients and ultimately policyholders, because it will permit claims to be managed effectively in terms of speed of processing."
