The Lloyd's and London markets are to be issued with guidance on achieving contract certainty by the end of the week.

Lloyd's chief executive Nick Prettejohn, who chairs the working group looking at this issue in the subscription market, said the guidance would be similar to that offered to the non-subscription market.

"The first part will provide a checklist that practitioners can use to understand the basics for determining contract certainty," Prettejohn told attendees of Countdown to Contract Certainty, a panel discussion hosted by Insurance Times' sister publication Global Reinsurance.

The guidance will be followed by a "code of practice" outlining the principles of contract certainty. The third phase will give guidance on those principles, he said.

But Lloyd's Market Association chairman and Brit chief executive Dane Douetil warned that companies waiting for a "Jack and Jill" guide to achieving contract certainty in the London market will be left bitterly disappointed.

"If you haven't started yet, you are probably too late," he said.