The Lloyd's Market Association (LMA) has announced online functionality for submission of wordings to the LMA wordings repository.
Mel Goddard, market liaison director at LMA, said: “Subscribers (managing agents, brokers and third parties) can now submit wordings on-line, choosing either to propose wordings for acceptance into the managed core of the repository or to upload them into their own sponsored sections. The technology also allows subscribers to track their wordings throughout the acceptance process.
“Loading wordings on to the repository is now a faster, more straightforward process, with more visibility and control for the submitting parties.”
In a separate feature, subscribers can now opt to receive automatic email alerts associated with all, or specific areas of interest hen new or amended wordings are available on the repository.
The next stage of development, due to be delivered in May 2007, will deliver document repository interoperability (DRI) functionality to ACORD standards.
This will allow users to download wordings from the LMA repository directly on to their own repository via the Internet.
At present, over 60% of Lloyd's capacity has signed up to the repository with a number of agencies trialling the system. Over 1,900 market wordings and clauses, plus foreign translations, are included on the database. There are currently 130 wordings on the sponsored sections.
