A project led by the Lloyd's Market Association (LMA), to develop an underwriter-owned repository for wordings for use in the London market has reached the next stage of its development.
ISO, a provider of risk management products and services, has been appointed to develop and deliver the IT infrastructure for the repository.
The repository will be available for use in the market from August 2006.
Simon Sperryn, chief executive at LMA, said: “The new wordings repository will provide a single and established source of commonly used model wordings and clauses, assisting managing agents and brokers to achieve their contract certainty targets."
