A new wordings repository, developed by the Lloyd's Market Association (LMA), the body which represents all underwriting businesses at Lloyd's, was launched today.
A number of subscription contracts are already signed and discussions between LMA and its members suggest early adoption of the repository by managing agents representing over 50% of capacity in the Lloyd's market.
Bob Stuchbery, chairman of LMA's underwriting and claims committee and underwriting director of Chaucer Syndicates Limited, said: “I see the repository project as an extremely positive contribution to achieving contract certainty within the London market and as a major improvement in the way policy wordings and clauses are made available to practitioners. I expect the benefits to box underwriters and wordings technicians alike to be significant.”
The repository contains model wordings and clauses developed by the LMA and other industry organisations including individual managing agents, other insurers and brokers.
Simon Sperryn, chief executive at LMA, said: “The rigorous governance process ensures that underwriters, brokers and wordings technicians can rely on the repository to provide a trusted source of model wordings and clauses to support business across the London market.”
