Non-Marine Property Physical Loss or Damage Wording - LMA3182
[LMA24-051-RM, 11/18/2024] To advise the non-marine property market of an updated model physical loss or damage wording.
Active Assailant Event Other Insurance Endorsement Published for Combined Terrorism/Event Cancellation Polices
[LMA24-052-TC, 11/18/2024] To inform the market about the publication of an Other Insurance Endorsement for use with combined terrorism/event cancellation policies that give cover for 'active assailant events'.
Appraisal Amendment Clause
[LMA24-050-RM, 11/8/2024] To advise the US Commercial Property market of a model appraisal clause.
Verify Your LMA Mailing Preferences
[LMA24-049-CP, 11/7/2024] We wrote to all contacts on the LMA database today, asking that they validate their details. A scan of the email is in this bulletin.
New Personal Accident 'K Form' Published
[LMA24-048-TC, 10/29/2024] To inform the market about the publication of a new model consumer Accident and Illness Policy, LMA3177.
Environment and Climate Litigation Newsletter, October 2024
[LMA24-047-JL, 10/23/2024] The Environment and Climate Litigation Committee met in September 2024. This newsletter summarises the committee's main discussion topics and is the latest in a series of updates on the global environment and climate litigation matters to the market.
Broker Amendments to LMA Model Clauses - New Clause References to be Used
[LMA24-046-DP, 10/18/2024] The LMA is requesting that LMA model clauses that have been amended are given new references by brokers, to improve transparency and contract certainty.
Publication of Updated International General Liability Insurance Policy Wordings
[LMA24-045-SD, 10/14/2024] The LMA's International Liability Committee has produced updated versions of the General Liability Insurance ‘Occurrence’ and ‘Claims Made’ policy wordings, published as LMA3150B and LMA3151B respectively.
Updated Terrorism Liability Insurance Policy published
[LMA24-044-SD, 10/9/2024] The LMA's Terrorism Committee has produced an updated version of the Terrorism Liability Insurance Policy published as LMA3167A.
Model Lloyd's Chain of Security Endorsement published for Facultative Reinsurance
[LMA24-043-DP, 10/1/2024] The LMA's Wordings Committee has published a model endorsement for use on Facultative Reinsurance agreements.
Lloyd's Commercial Equine Policy, USA - LMA3178
[LMA24-042-RM, 9/25/2024] The livestock/bloodstock underwriters and associated workstreams of an updated commercial equine policy for use in the USA.
Lloyd's Open Form Default Clause Published
[LMA24-041-AR, 9/12/2024] Jointly with the ICS, the LMA has drafted a new clause to bring greater certainty in the event of an emergency at sea.
Multi-Occupancy Building Insurance Disclosure Schedule Published
[LMA24-039-TS, 9/6/2024] To inform the market about the publication of a model Multi-Occupancy Building Insurance Disclosure Schedule.
Updated Terrorism & Political Violence Cyber Clauses Published
[LMA24-038-TC, 9/3/2024] To inform Terrorism and Political Violence underwriters and wordings professionals about the publication of LMA5378A, LMA5379A and LMA5409A.
Guidance on the New Directors and Officers Committee Risk Codes
[LMA24-040-KC, 9/3/2024] The Directors and Officers Committee has provided guidance on the use of the new Directors and Officers Risk Codes, approved by Lloyd’s for use from January 2025.
War, Confiscation, Riot and Terrorism Exclusion
[LMA24-037-RM, 8/29/2024] To advise the non-marine market of an alternative to the War and Terrorism Exclusions.
Environment and Climate Litigation Newsletter, August 2024
[LMA24-036-JL, 8/28/2024] The Environment and Climate Litigation Committee, the LMA's newest committee, met for the fourth time in July 2024. This newsletter, intended for members only, provides a summary of the committee's main discussion topics.
LMA and IUA Launch Sustainability Data Standard Resource for Insurers
[LMA24-034-PD, 7/24/2024] A new resource to standardise the way in which underwriters ask clients about their sustainability data has been released by the Lloyd’s Market Association (LMA) and the International Underwriting Association (IUA). The Sustainability Data Standard i
Oil Price Cap - Revised Hull and Cargo Clauses
[LMA24-032-AR, 6/7/2024] In order to provide further clarity for practitioners seeking to comply with the Oil Price Cap legislation, LMA is issuing revised wordings for Cargo (LMA5650) and Hull (LMA5651).
Public Sentiment Extensions for Contingency Business
[LMA24-030-SD, 5/29/2024] The LMA’s Contingency Business Panel has published several model Public Sentiment Extensions.
Mourning Exclusions and Extensions for Contingency Business
[LMA24-028-SD, 5/29/2024] The LMA’s Contingency Business Panel has published several model Mourning Exclusions and Extensions.
Environment and Climate Litigation Newsletter, May 2024
[LMA24-029-JL, 5/28/2024] The Environment and Climate Litigation Committee, the LMA's newest committee, met for the third time in May 2024. This newsletter, intended for members only, provides a summary of the committee's main discussion topics.
Named Volcano and Volcanic Eruption Exclusions for Contingency Business
[LMA24-027-SD, 5/14/2024] The LMA’s Contingency Business Panel has published a model Named Volcano Exclusion (LMA5639) and a Volcanic Eruption Exclusion (LMA5640) for use on event cancellation and non-appearance contingency business.
Terrorism and Political Violence Panel Drop-in Session, 08 May 2024
[LMA24-022-LA, 5/9/2024] Following the recent Terrorism & Political Violence Panel Forum update, attendees will have the opportunity to discuss the panel's ongoing activities.
New Accident & Health Model “Passive War” Endorsements Published
[LMA24-024-DP, 5/8/2024] The LMA’s Personal Accident Committee has produced two new model “passive war” endorsements: LMA5635, for use in the Direct & Facultative market and LMA5636, for use on reinsurance treaties.
2024 Update to the Model Foal Veterinary Certificate and Owners Declaration
[LMA24-025-RM, 5/2/2024] After collaborative work by the Livestock/Bloodstock Chair with both the British Equine Veterinary Association (BEVA) and Equine Veterinary Associates (EVA), it was decided to update the LMA9114A and separate into two forms.
LMA Consumer Wordings Guidance updated
[LMA24-026-DP, 5/1/2024] The Lloyd's Market Association (LMA) has published an update to the UK Consumer Wordings Guidance, jointly with Browne Jacobson LLP.
Contingency Wildfire Exclusion
[LMA24-023-RM, 4/17/2024] The LMA's Contingency Committee has produced a wildfire exclusion, LMA5634, for use on Contingency business Non-appearance and Cancellation and Abandonment policies.
Environment and Climate Litigation Newsletter, March 2024
[LMA24-021-JL, 4/4/2024] The Environment and Climate Litigation Committee, the LMA's newest committee, met for the second time in March 2024. This newsletter, intended for members only, provides a summary of the committee's main discussion topics and is the second update to
Model Canadian Arbitration Clause Published - LMA5633
[LMA24-020-TC, 4/3/2024] The LMA has published a model Canadian Arbitration Clause – LMA5633 – suitable for use in all Canadian provinces and territories.
Political Risk/Credit Risk Oil and Oil Products Cap Price Notice Endorsements
[LMA24-019-AR, 3/25/2024] The LMA is reissuing LMA5612 and LMA5613 clauses to respond to the recent changes to the Oil Price Requirements.
Cargo Oil and Oil Products Price Cap Notice and Clause Endorsements
[LMA24-018-AR, 3/18/2024] The LMA is reissuing LMA5610A to change the period of time for obtaining documentation to 30 days from 28 days in accordance with the recent amendment to OFSI’s guidelines.
Onshore Energy BI Volatility Clause - LMA5515A
[LMA24-017-DF, 3/14/2024] This version of the clause has been updated to address a deficiency in the previous version, which carriers viewed as unsuitable for partial losses.
Election Results: The LMA/IUA Joint Marine Committees 2024 Election Arrangements
[LMA24-015-NR, 3/12/2024] Following the recent Joint Marine Committee ballots, please see the links to the successful candidate(s) for each committee.
Model Accident/Accidental Death Endorsement for Contingency Business
[LMA24-014-DP, 3/11/2024] The LMA’s Contingency Committee has published a model Accident/Accidental Death Endorsement (LMA5632) for use in Contingency business.
Sanctions Clause Guidance Update - LMA3100A and LMA3200
[LMA24-013-AR, 3/5/2024] Further to our bulletin dated 05 October 2023 regarding sanctions clauses LMA3100A and LMA3200, the following updated guidance is now available.
Model State-Backed Cyber War Exclusion Clauses for Cyber Treaty Reinsurance
[LMA24-011-CM, 3/1/2024] Following consultation with an ad hoc cyber reinsurance working group, the LMA has produced the following model clauses to assist members in underwriting cyber treaty reinsurance business. The CEO Letter from Lloyd's (04 September 2023) extended the
New Consumer Sanctions Suspension Clause Published - LMA3201
[LMA24-012-TC, 2/20/2024] The new model Consumer Sanctions Suspension Clause LMA3201 replaces LMA5213, which has been archived.
Please note, all LMA model wordings containing LMA5213 have been updated with LMA3201 and given updated reference numbers.
Environment and Climate Litigation Newsletter
[LMA24-009-TK, 2/19/2024] The Environment and Climate Litigation Committee, which is the LMA's newest Committee, met for the first time in January 2024. This newsletter provides a summary of the main discussion topics of the Committee.
Oil Price Cap Guidance Hull and Cargo – LMA5610A and LMA5611A
[LMA24-008-AR, 2/15/2024] Further to our bulletin dated 13 February 2024 regarding changes to oil cap provisions and updated clauses, the following guidance is now available.
Changes to Oil Cap Provisions, Hull and Cargo - LMA5610A and LMA5611A
[LMA24-007-AR, 2/13/2024] The LMA has published LMA5610A and LMA5611A, an update to model wordings in line with the forthcoming changes to the Oil Cap provisions
Cross-Market Co-Lead Claims Agreement
[LMA24-006-SR, 1/19/2024] The updated version of LMA9187 contains a minor revision. The updated version is available for immediate use.
Co-Lead Claims Agreement LMA9186B Update
[LMA23-043-JN, 12/21/2023] The updated version of LMA9186B contains a minor revision, removing the signatory box for brokers. All remaining terms, including roles and responsibilities, remain the same. The updated version is available for immediate use.
Comparison of Arbitration Rules
[LMA23-044-TS, 12/21/2023] The LMA have produced a comparison of the important provisions of seven international arbitration rules, as well as an accompanying summary note. This is designed to be a useful starting point when determining which arbitration ruleset insurers wish
Advisory Premium Allocation for New RS Risk Code
[LMA23-040-LA, 12/13/2023] To advise those managing agencies writing terrorism business of the Terrorism & Political Violence panel suggestion for the suggested split of premium following the introduction of the RS Code in January 2024
Ahead of the introduction of the new R
PFAS Casualty Reinsurance Exclusions Published
[LMA23-039-SD, 12/12/2023] The International Casualty Reinsurance and North American Casualty Reinsurance panels have jointly produced two model clauses to exclude liability for Perfluorinated Compounds, Perfluoroalkyl and Polyfluoroalkyl Substances (PFAS).
An update on delivery of Blueprint Two digital services
[LMA23-040-RM, 12/7/2023] Following a request from the LMA Board, Velonetic and Lloyd’s have agreed to move the launch date of phase two Blueprint Two digital services (which includes the Digital Gateway) to April 2025.
Material Development Communication for Insurers
[LMA23-041-SFC, 11/24/2023] Introduction of the Lloyd’s Claims Lead Arrangement (CLA), included a requirement for Material Development Communications (MDC), previously known as key event protocols to be shared in certain circumstances. To help improve consistency in approach an
LMA Terrorism and Political Violence Business Panel
[LMA23-037-LA, 11/17/2023] The LMA Terrorism and Political Violence Business Panel exists to represent the interests of writers of terrorism and political violence business within the Lloyd’s Market.
Limited Strikes Riot Civil Commotion and Malicious Acts Exclusion – LMA5620
[LMA23-038-RM, 11/17/2023] This exclusion has been formulated by the LMA Property Reinsurance Business Panel following numerous variations circulated within the Treaty market.
Mailing Preferences
[LMA23-036-CP, 11/15/2023] We wrote to all contacts on the LMA database today, asking that they validate their details. A scan of the email is in this bulletin.
PFAS Exclusions Amended
[LMA23-035-TC, 11/9/2023] Following feedback from the market, the LMA's Wordings Committee has updated LMA5595 and LMA5596 to include some familiar market language as examples of common PFAS substances; per- and polyfluoroalkyl substances.
Lloyd’s Faster Claims Payment (FCP) BAA and DCAA Endorsements
[LMA23-034-SR, 11/8/2023] BAA and DCAA endorsements and market guidance updated for Faster Claims Payment (FCP).
Mailing Preferences
[LMA23-033-CP, 11/2/2023] We wrote to all contacts on the LMA database today, asking that they validate their details. A scan of the email is in this bulletin.
References to "Her Majesty" updated
[LMA23-032-SD, 11/2/2023] Following a review of the LMA's wordings library, references to "Her Majesty" within the endorsements listed below have been replaced with "His Majesty".
Mailing Preferences
[LMA23-031-CP, 10/24/2023] We wrote to all contacts on the LMA database today, asking that they validate their details. A scan of the email is in this bulletin.
Automatic Termination Amendment Endorsement
[LMA23-030-DF, 10/20/2023] To advise participants in the aviation market of a model clause for those risks that could be impacted by AVN52 conditions. The purpose of the amendment is to provide clearer conditions for your insureds by which they can maintain operation after th
Water Damage (Freeze) Deductible Endorsement – LMA5624
[LMA23-029-RM, 10/19/2023] This endorsement introduces an additional deductible in respect of water damage following a freezing temperature weather event within the USA.
The clause has been developed by the LMA’s Worldwide Property Business Panel and has been reviewed by t
Sanctions Clauses
[LMA23-028-AR, 10/5/2023] The LMA has been working with interested parties and has released two new clauses, LMA3100A and LMA3200. The clauses are available for immediate use as appropriate.
A guidance note is also available for reference.
Lloyd's Claims Lead Arrangements Endorsements Published
[LMA23-027-JP, 9/28/2023] Endorsements LMA9200 (Lloyd's Claims Lead Arrangements Endorsement) and LMA9201 (Basis of Claims Agreement and Claims Agreement Parties Endorsement) have been published to assist the market in implementing the changes outlined in Lloyd’s Market Bulle
Homeowners’ insurance policy deductible required by the Louisiana department of insurance
[LMA23-026-DP, 9/22/2023] The LMA has published a model version of the Homeowners’ insurance policy deductible required by the Louisiana department of insurance (effective 1/1/2023). The model notice is closely based on the version published by the Louisiana Department of Ins
Values Limitation Endorsement for Terrorism & PV published
[LMA23-025-DP, 9/18/2023] The LMA has published a model values limitation endorsement for use on terrorism & political violence risks. LMA5622 is closely based on LMA5599 (property) but adapted for terrorism & political violence risks.
California Consumer Privacy Act of 2018 (CCPA) – Update to the LMA Model Wording Notice
[LMA23-024-RM, 9/4/2023] In November 2020, California voters approved Proposition 24, the California Privacy Rights Act (CPRA), which amended the California Consumer Privacy Act of 2018 (CCPA) and added new additional privacy protections with effect from 01 January 2023. Thi
LMA Model Commercial Equine Policy (Australia) updated
[LMA23-023-RM, 8/15/2023] The LMA Bloodstock/Livestock The LMA Bloodstock/Livestock Committee has completed an update to the commercial equine policy wording for Australia. The update includes language and format changes that had been implemented on other equine wordings.
Nuclear Energy Risks Exclusion (Insurance) Published
[LMA23-022-SD, 8/7/2023] The Joint IUA/LMA Power Generation Committee has produced a Nuclear Energy Risks Exclusion in response to recent developments in nuclear fusion.
Mid-Year Election Results: LMA Personal Accident Business Panel 2023
[LMA23-021-DP, 7/24/2023] Announcement of the mid-year election results of the LMA Personal Accident Business Panel 2023.
Amended RESC Obsolescence Endorsement Clause
[LMA23-020-RM, 6/23/2023] The Renewable Energy Sub-Committee have published a revised version of the Obsolescence Clause. The revised version provides more information and example calculations.
PPL feedback - requesting the use of PPL v3
[LMA23-019-GD, 6/12/2023] This purpose of this bulletin is to highlight feedback from brokers on underwriters on requesting the use of PPL V3 to place specific risks.
Market Guidance: Co-Lead Binders & the Co-Lead Claims Agreement (CLCA)
[LMA23-018-JN, 5/25/2023] This market guidance sets out the key changes that have been made to the Co-Lead Claims Agreement (CLCA) to accommodate the Lloyd’s Claims Lead Arrangements, which come into effect 1 June 2023.
French Translations for Québec
[LMA23-017-SD, 5/18/2023] The LMA has updated the status of wordings requested for translation as part of the LMA' s Québec translation project.
Publication of Oil Price Cap Endorsements for Political Risk and Credit Business
[LMA23-016-DP, 5/2/2023] The LMA has published model Oil Price Cap endorsements for use on Political Risks (LMA5612) and Credit business (LMA5613).
Co-Lead Claims Agreement Update
[LMA23-015-JN, 4/27/2023] From 1 June 2023, the Lloyd’s Claims Lead Arrangements (“CLA”) apply to all risks written within a co-lead binder arrangement.
Louisiana Homeowners' Insurance – Directive 220
[LMA23-014-FM, 4/20/2023] On 24 January 2023, the Louisiana Department of Insurance (LDI) issued Directive 220 directing all property and casualty insurers and surplus lines insurers issuing homeowners policies in Louisiana to comply with La. R.S. 22:1338, enacted by Act No.
Publication of updated Excess Health Care Providers' Liability Wording
[LMA23-013-KC, 4/18/2023] The LMA's Medical Malpractice Committee has produced an updated Excess Health Care Providers Liability Policy wording, for use on US risks. The committee has produced an 'A' (LMA3172) version and a 'B' version (LMA3173) - the difference being alterna
Providing clarity on cyber and US excess casualty cyber clauses
[LMA23-012-PD, 3/30/2023]
Amended Cyber and Data Exclusions
[LMA23-011-SD, 3/20/2023] Further to bulletin LMA22-034-SD (08 November 2022), the Wordings Committee has similarly updated clauses LMA5528, LMA5529, LMA5530, LMA5468 and LMA5470.
Model Territorial Exclusion updated
[LMA23-010-DP, 3/15/2023] The LMA has published LMA5583B an update to the model Territorial Exclusion (Russia/Ukraine/Belarus). The previous version (LMA5583A) will be archived.
Greenhouse Gas Emissions Reduction Endorsement Amended
[LMA23-005-SD, 3/10/2023] Following feedback from underwriting practitioners, the LMA’s Onshore Energy Committee has revised the model Greenhouse Gas Emissions Reduction Endorsement.
Election Results: The LMA/IUA Joint Marine Committees 2023 Election Arrangements
[LMA23-009-NR, 3/8/2023] Following the recent Joint Marine Committee ballots, please see the links to the successful candidate(s) for each committee
A New Consumer Duty – Data and MI
[LMA23-007-SM, 2/28/2023] Guidance, developed with the LMA's Conduct Committee, designed to assist managing agents in identifying data that could be useful for their outcomes monitoring.
New Chief Underwriting Officers’ Committee announced
[LMA23-008-PD, 2/22/2023] The LMA has announced the launch of the CUO Committee to represent the views of the managing agents on issues of strategic importance to Lloyd’s and provide guidance and advice to the underwriting community across the Lloyd’s market.
Election Results: Terrorism and Political Violence Business Panel 2023
[LMA23-004- LA, 2/1/2023] Following the recent ballot, nine individuals have been elected as members to the Terrorism and Political Violence Business Panel (TPVBP) for a three-year term. The full bulletin, linked below, provides a list of new members.
Cyber War & Cyber Operation Clauses Updates
[LMA23-003-PD, 1/30/2023] Following market feedback the LMA has made a number of minor changes/corrections to the Cyber War & Cyber Operation Clauses published on 18 January.
Cyber War & Cyber Operation Clauses Updated
[LMA23-002-PD, 1/20/2023] The LMA has updated the model cyber war and cyber operation clauses.
Publication of 2023 UK Home Insurance Policy
[LMA23-001-LA, 1/19/2023] The LMA's UK Household & Commercial Property Committee has produced an updated model UK Home Insurance Policy (named perils) for use on UK risks.
IUA-LMA User Guide to Model Credit Wording Published
[LMA22-043-DP, 12/21/2022] All The IUA and LMA have jointly commissioned a User Guide and annotated version of the model credit wording (LSW1950) for use by members.
US and International Business Interruption clauses published for Power Generation
[LMA22-038-DF, 12/20/2022] The Power Generation Committee has published Business Interruption Limitation Endorsements for use on US risk (LMA5606) AND International Risks (LMA5606).
Model Greenhouse Gas Emissions Reduction Endorsement published
[LMA22-040-SD, 12/19/2022] The LMA’s Onshore Energy Committee has produced a model Greenhouse Gas Emissions Reduction Endorsement for use on international risks including North America.
LMA Foundational Playbook - known unknowns interim update
[LMA22-039-MW, 12/16/2022] LMA and Lloyd’s has provided an updated on the Blueprint 2 Foundational Playbook for managing agents.
Model Terrorism Liability Wording (International) published
[LMA22-037-LA, 12/8/2022] The LMA's Terrorism & Political Violence Underwriting Committee has produced a model terrorism liability full policy wording for use on international (non-US) risks.
Values Limitation Endorsement published
[LMA22-036-DP, 11/17/2022] The LMA's Worldwide Property business panel has published LMA5599 Values Limitation Endorsement for worldwide use on property risks.
Cyber and Data Limited Exclusion Endorsement 1
[LMA22-034-SD, 11/8/2022] The Wordings Committee has updated LMA5469. The updated clause will be LMA5469A, the original clause will be archived.
Mailing Preferences: final reminder email
[LMA22-035-JM, 11/7/2022] Final Reminder email: we are requesting that our contacts update their profile preferences on the LMA website.
Return to the Underwriting Room in Lloyd’s with effect from November 2022
[LMA22-033-KC, 10/31/2022] The Business Panel has confirmed that Tuesday and Thursday mornings would be the minimum that will be well-supported as ‘box’ days.
Lloyd’s Faster Claims Payment (FCP) BAA and DCAA Endorsements
[LMA22-030-PK, 10/26/2022] The LMA's DA Wordings Group has published endorsements to the BAA & DCAA for use where all parties to the BAA or DCAA are contracted with Vitesse and have agreed to use the FCP solution.
Mailing Preferences: reminder email
[LMA22-031-JM, 10/24/2022] Reminder email: we are requesting that our contacts update their profile preferences on the LMA website.
A New Consumer Duty – Focus Areas
[LMA22-029-SM, 10/14/2022] Guidance, developed with the LMA's Conduct Committee, designed to assist managing agents in identifying focus areas in relation to the FCA’s new Consumer Duty.
Update to Property & Plant Testing & Commissioning Clause and Questionnaire (LMA5197B)
[LMA22-027-DP, 10/14/2022] Following amendment of the Australian Terrorism Insurance Act 2003 to make provision for the creation of a cyclone insurance pool, NMA2984 has been updated to reflect the revised title of the Act.
Mailing Preferences
[LMA22-028-JM1, 10/13/2022] We are requesting that our contacts update their profile preferences on the LMA website.
Australia Terrorism and Cyclone Insurance Act Notice
[LMA22-026-SD, 9/27/2022] Following amendment of the Australian Terrorism Insurance Act 2003 to make provision for the creation of a cyclone insurance pool, NMA2984 has been updated to reflect the revised title of the Act.
Swiss Article 19 ('AVO 19') BAA Endorsements
[LMA22-025-SM, 9/1/2022] The DA Wordings Group has published endorsements addressing the impact of Swiss Federal Ordinance Article 19 (‘AVO 19’)
PFAS Exclusion Clauses
[LMA22-024-CM, 8/2/2022] The International Liability and US Liability panels have jointly produced two model clauses to exclude liability for Perfluorinated Compounds, Perfluoroalkyl and Polyfluoroalkyl Substances (PFAS).
Wildfire Mitigation Requirements, Deductible and Endorsement Clauses
[LMA22-023-JHF, 6/16/2022] The Renewable Energy Sub-Committee has produced three model clauses in order to assist with the prevention and mitigation of wildfires and vegetation fires.
Serial Loss and Serial Defect Clauses
[LMA22-022-JHF, 6/15/2022] The Renewable Energy Sub-Committee has produced a Serial Loss clause and a Serial Defect clause.
US Reinsurance Collateral Changes
[LMA22-021-CM, 6/14/2022]
LMA5312B – Product Governance Binding Authority Endorsement
[LMA22-019-SM, 6/9/2022] LMA5312, designed to deal with the allocation of IDD product governance responsibilities between managing agents and coverholders, has been updated to allocate further responsibilities required by the FCA's Pricing Practices rules.
LMA FIPI Claims: Shaving of Limits: Lloyd’s Best Practice Wording for resolution of Inter-Insurer Disputes
[LMA22-020-AH, 5/26/2022]
LIC Quarterly Forum
[LMA22-018-SM, 5/17/2022] Quarterly LIC Forum meetings.
Model Territorial Exclusion
[LMA22-017-DP, 4/28/2022] The LMA has published a territorial exclusion for Belarus, Russia and Ukraine (LMA5583A) and a "blank" model territorial exclusion (LMA5584A), for use on non-marine insurance business.
US Reinsurance Collateral Changes
[LMA22-013-CM, 4/20/2022] Lloyd's has been accepted as a reciprocal reinsurer by the US regulators. This means that is is no longer necessary to post collateral and the US Credit for Reinsurance Trust Funds will close. The new regime takes effect 1 October 2022.
Gemini - Expert Management and Fee Settlement System
[LMA22-016-TB, 4/5/2022] This Bulletin provides an update on Gemini, including enhancements planned for 2022 and how to find out more.
Revisions to Central Services contracts
[LMA22-015-RM, 4/4/2022] Revisions to Central Services contracts between Lloyd’s managing agents and Xchanging Joint Ventures – XIS and XCS
Financial Interest Clause Suite
[LMA22-014-DP, 4/1/2022] The LMA has published a model Financial Interest Clause (with two additional variations for paragraph 4) and and Explanatory Note.
Outsourcing and Operational Resilience Update
[LMA22-012-SM, 3/24/2022] An overview of the new PRA requirements regarding outsourcing and third party risk management.
Nominations Sought for Underwriters to join new LMA Medical Malpractice Committee
[LMA22-011-KC, 3/11/2022] Nominations for Underwriters to join new LMA Medical Malpractice Committee
Downstream Energy Change or Cessation of Use Questionnaire
[LMA22-009- JHF, 3/4/2022] To facilitate the underwriting of Onshore Oil, Gas & Petrochemical that will, but is not limited to, be partially or wholly replaced with alternative technology, or may not be reinstated due to environmental, permitting, or economic constraints.
Election Results: The LMA/IUA Joint Marine Committees 2022 Election Arrangements
[LMA22-008- NR, 3/2/2022] Following the recent Joint Marine Committees ballot, the successful candidate(s) for each committee have been announced.
2022 Election Results: LMA Marine Committee
[LMA22-010- NR, 3/2/2022] The LMA Marine Committee has announced its election arrangements for 2022.
Election Results: Joint Power Generation Committee 2022
[LMA22-006- PN, 1/25/2022] Following the recent ballot, six individuals have been elected as members to the Joint Power Generation Committee (JPGC) for a three-year term.
Lloyd’s Europe Operating Model, IDD Compliance Process for use where underwriters are seconded to the LIC UK Branch
[LMA22-005- GD, 1/24/2022] This document is intended to provide answers to the most common questions relating to the Lloyd’s Europe Operating Model IDD compliance process (LEOM IDD process) where underwriters are seconded to the LIC UK Branch.
Election Results: Cyber Business Panel 2022
[LMA22-003- JHF, 1/21/2022] Following the recent ballot, 18 individuals have been elected as members to the Cyber business panel for a three-year term.
Election Results: LMA Worldwide Property business Panel 2022
[LMA22-002- JHF, 1/21/2022] Following the recent ballot, seven individuals have been elected as members to the Worldwide Property Business Panel (WWPBP) for a three-year term.
Election Results: LMA Personal Accident business Panel 2022
[LMA22-001- DP, 1/14/2022] Following the recent ballot, two individuals have been elected as members to the Personal Accident Business Panel (PABP) for a five-year term.
Election Results: Terrorism and Political Violence Business Panel 2022
[LMA21-045- LA, 12/21/2021] Following the recent ballot, five individuals have been elected as members to the Terrorism and Political Violence Business Panel (TPVBP) for a three-year term. The full bulletin, linked below, provides a list of new members.
Compliance with Lloyd’s Commitments to Sustainable Insurance: LMA model clauses published
[LMA21-044-LA, 12/9/2021] The LMA Terrorism Panel has published new clauses to assist underwriters and colleagues with ESG responsibilities in adopting underwriting/ESG strategies.
Updated Australian Consumer Disclosure Notices
[LMA21-043-JZ, 11/30/2021] Following amendments to the Australian Insurance Contracts Act 1984 (Cth) (ICA), LMA has published updated Australian Consumer Disclosure Notices
Cyber War and Cyber Operation Exclusion Clauses
[LMA21-042-PD, 11/25/2021] The LMA has drafted four clauses that provide options in respect of the level of cover provided for cyber operations which are do not meet the definition of war.
LMA Model Climate Change Exclusion
[LMA21-041-DP, 11/24/2021] The LMA has published LMA5570, a model climate change exclusion for use on liability policies.
Updated LMA Guidance on updated FCA Pricing Practices and Product Reviews
[LMA21-040-SM, 11/8/2021] The LMA has produced updated guidance on product reviews and the exchange of information between carriers and brokers including remuneration.
Joint Specie Committee - Bordereaux and Risk Information Guidance Note
[LMA21-039-SR, 11/2/2021] The subject of Risk Information captured within Lineslip Bordereaux was brought to the attention of the Joint Specie Committee arising from general concern over a lack of consistency and quality of granular risk data provided.
Return to the Underwriting Room in Lloyd’s: Personal Accident & Health market
[LMA21-038-DP, 10/21/2021] The LMA’s Personal Accident & Health business panel members have committed to make themselves available within the Room on a regular basis and aim to give priority to brokers attending in person during normal box hours.
Return to the Underwriting Room in Lloyd’s: Political Risk & Credit market
[LMA21-037-DP, 10/19/2021] The LMA’s Political Risk & Credit Business Panel members have committed to make themselves available within the Room on a regular basis and aim to give priority to brokers attending in person during normal box hours.
Return to the Underwriting Room in Lloyd’s with effect from 04 October
[LMA21-036-DP, 10/4/2021] The majority of LMA’s International Casualty and Liability Insurance Business Panel members have now committed to make themselves available within the Room on a regular basis.
Provision of coverage clarity in respect of cyber exposures - Directors’ and Officers’ clarification
[LMA21-035-PD, 9/20/2021] The purpose of this communication is to provide updated guidance in respect of Directors’ and Officers’ policies.
LMA Guidance on FCA Pricing Practices Rules (PS21/5)
[LMA21-034-SM, 9/20/2021] All managing agents should ensure they are familiar with new rules regarding insurance pricing practices.
Co-Lead Claims Email Submission Guidance - September 2021
[LMA21-033-TB, 9/16/2021] The LMA DACG and LIIBA DACC have collectively developed the below guidance document for the submission of co-lead claims referrals being handled by a third party with a delegation of claims authority into Lloyd’s managing agents claims teams.
Updated Cyber Clauses for use on US GL and Excess liability coverage forms
[LMA21-032-TE, 7/29/2021] The LMA US General Liability Panel has published updated cyber clauses for use on US Excess forms.
Lloyd’s Asia Model TOBA and Guidance Notes Update
[LMA21-031-CH, 7/13/2021] Lloyd's Asia has overseen the refresh of the Model Lloyd's Asia Terms of Business Agreement. The new version has been published and is attached to the full bulletin (link below).
LMA DACG Delegated Claims Standards
[LMA21-030-TB, 6/30/2021] The publication of these Delegated Claims Standards and the alignment to those standards by each Lloyd's managing agent provides clarity to the wider market (brokers and DCAs) on the stance each managing agent is taking, and will drive more efficienc
Relinquishment of US Admitted Licences – US General Coverholder Conditions
[LMA21-029-CH, 6/23/2021] In July 2020, Lloyd’s announced that it would be relinquishing its admitted licences in Kentucky, Illinois and the US Virgin Islands (USVI), as detailed in Market Bulletin Y5324.
Amendments to LMA Model Clauses
[LMA21-027-DP, 6/22/2021] the LMA has stated that a model clause reference should not be used when the published version of the model clause has been amended. Where amendments are made to the text of a published model clause, a new reference should be assigned.
Claims & VAT: Lloyd’s Europe Reporting Requirements & Solution
[LMA21-026-TB, 6/18/2021] This bulletin sets out a recommendation that is endorsed by the LMACC and LMAOC, and supported by Lloyd’s Europe.
Updated 50/50 Provisional Claims Settlement Clause and Model Agreement
[LMA21-024-NR, 5/13/2021] Further to the announcement that LIBOR was to be retired from the end of 2021, the Aviation Committees of the LMA, IUA and LIIBA agreed that AVS103 should be reviewed and updated.
Gemini Update – Market Adoption, Guidance
[LMA21-023-TB, 5/5/2021] To provide clarity and guidance on the recommendation for full market adoption and charging model, as consulted with and supported by the LMACC and LMAOC, enabling the transactional charges for Gemini to be shared equitably across all subscribers.
Joint Specie Committee 2021 Election Results
[LMA21-020-SR, 4/29/2021] The recent call for nominations from the electorate and subsequent election for available places on the JSC have led to the following members for the 2021 Committee year.
LMA's Operational Resilience Working Group Guidance published
[LMA21-021-MW, 4/29/2021] The LMA's Operational Resilience Working Group has published a guidance document for the market on the recent FCA/PRA rules on operational resilience that come into force next year.
Market Reform Contract – Change and Guidance
[LMA21-019-DP, 4/16/2021] The annual review of the Market Reform Contract (Open Market) Guidance has resulted in the publication of a new version (v 2.1) of the Guidance.
Communicable Disease and Coronavirus Exclusions for use in conjunction with Contingency policies
[LMA21-017-DP, 4/12/2021] The LMA Contingency Business Panel has drafted new clauses.
Joint Excess Loss Committee 2021
[LMA21-016-PN, 4/9/2021] Following the communication sent on 04 March relating to the nomination arrangements for the Joint Excess Loss Committee, we received two nominations (Shane Lawlor, Jens Voges) for the two available places, so they are appointed for a four year term.
Joint Cargo Committee 2021 Election Results
[LMA21-015-PN, 3/30/2021] The recent call for nominations from the electorate and subsequent election for available places on the JCC have led to the following members for the 2021 Committee year.
FCA/PRA Operational Resilience Policy Statement published
[LMA21-014-MW, 3/30/2021] The PRA and FCA have now published their final Policy Statement for Operational Resilience. The LMA Operational Resilience Working Group will publish guidance by the end of April. Please see the bulletin for more information.
Key Equipment questionnaires to support the information gathering process on Power Generation accounts
[LMA21-013-IR, 3/24/2021] The Joint Power Generation Committee (JPGC) in co-operation with the European Power Committee (EPC) have developed a set of key equipment questionnaires to support the information gathering process on Power Generation accounts.
JRC Consultation: EED 8/86 draft updates
[LMA21-011-JSN, 3/10/2021] The Joint Rig Committee (JRC) has undertaken a review of the Energy Exploration and Development, August 1986 Form (EED 8/86) and the JRC would like to hear comments from the Market regarding the updated draft suite of documents.
Joint Energy Claims Group Election Results
[LMA21-010-JW, 3/8/2021] The recent call for nominations from the electorate and subsequent election for available places on JECG have led to the following members for the 2021 Committee year.
Joint Rig Committee Election Results
[LMA21-009-JSN, 3/8/2021] The recent call for nominations from the electorate and subsequent election for available places on JRC have led to the following members for the 2021 Committee year.
Provision of coverage clarity in respect of cyber exposures - single peril clarification
[LMA21-008-PD, 3/5/2021] This bulletin provides updated guidance in respect of single peril polices.
LMA Guidance - FCA Value Measures Reporting
[LMA21-007-SM, 3/4/2021] This guidance is designed to provide an overview of the new requirements and some FAQs from the FCA.
Lloyd's Report Publication: Cyber Risk in Aviation
[LMA21-006-JSN, 2/18/2021] Lloyd's has published a two part report which reviews cyber exposures within the aviation sector.
Triangulation Reports
[LMA21-005-PD, 1/28/2021] Loss ratio triangulations prepared using GQD data are available on the Insights Hub called the “Underwriting Development Triangles”.
Virtual Events Clauses for use in conjunction with Contingency policies
[LMA21-004-IR, 1/27/2021] The LMA Contingency Business Panel has drafted the attached Virtual Event clauses.
Election Results: Joint Power Generation Committee 2021
[LMA21-003-IR, 1/14/2021] Following the recent ballot, six individuals have been elected as members to the Joint Power Generation Committee (JPGC) for a three-year term. The full bulletin, linked below, provides a list of new members.
Cyber Clauses for use on Directors’ and Officers’ Business
[LMA21-002-TE, 1/12/2021] To notify interested parties that, in order to satisfy Lloyd’s Bulletin Y5277 – Providing clarity for Lloyd’s customers on coverage for cyber exposures, the LMA Directors’ and Officers’ Business Panel has published the following model clauses.
Election Results: Personal Accident Business Panel 2021
[LMA21-001-DP, 1/6/2021] Following the recent ballot, four individuals have been elected as members to the Personal Accident Business Panel for a five-year term.
Election Results: Worldwide Property Business Panel 2021
[LMA20-058-IR, 12/23/2020] Following the recent ballot, seven individuals have been elected as members to the Worldwide Property Business Panel (WWPBP) for a three-year term.
Lloyd’s cyber coverage requirements – clarification for excess layer and facultative reinsurance policies
[LMA20-057-IR, 12/17/2020] To clarify how the cyber requirement set out in Lloyd’s Bulletins Y5258 and Y5277 can be satisfied for excess layer and facultative reinsurance policies that are written on a follow form basis.
Election Results: Terrorism and Political Violence Business Panel 2021
[LMA20-056-LA, 12/17/2020] Following a recent balot, four individuals have been elected as members to the Terrorism and Political Violence Business Panel (TPVBP) for a three-year term.
Lloyd’s cyber coverage clarity requirements
[LMA20-054-PD, 12/16/2020] Ahead of the deadline for classes of business in Phase 3 to meet the Lloyd’s requirements in respect of cyber coverage clarity, the LMA has highlighted the model clauses that have been published for each class of business.
Reporting Rationalisation Review
[LMA20-055-PD, 12/15/2020] The PwC review gathered information on the time and effort spent on each major report type and explored the themes that present opportunities to improve the efficiency and effectiveness of the reporting processes both from a managing agent and Lloyd’
RESC Microfracture Endorsements
[LMA20-053-JSN, 12/14/2020] The model endorsements approach the recovery of microfracture testing costs in different ways.
Business Interruption Volatility Clause (For use on Oil, Gas and Petrochemical Contracts)
[LMA20-052-IR, 12/10/2020] The LMA Onshore Energy Business Panel has published the attached model clause. This clause replaces LMA5383.
BDO and LMA publish 2020 Reserving Survey results
[LMA20-051-PD, 12/8/2020] LMA & BDO have published results of a recent survey into how the events of recent years are impacting reserving and planning practices.
US State Surplus Lines Notices Updated
[LMA20-050-AC, 12/7/2020] Following updates to regulatory requirements in the states of Arizona, Iowa, US Virgin Islands and Wyoming, the LMA has updated and republished (with updated LMA clause references) the corresponding model state surplus lines.
Claims Handling Guidance – Year end impact to processing
[LMA20-049-LE, 12/2/2020] Lloyd’s Managing Agents should be aware of the extended downtime of central settlement and processing services that will impact the market between 24 December and 4 January 2021.
Cyber Clause for use on Personal Accident Reinsurance Business (Risk Code “KX”)
[LMA20-048-DP, 12/2/2020] In order to satisfy Lloyd’s Bulletin Y5277 – Providing clarity for Lloyd’s customers on coverage for cyber exposures the LMA Personal Accident Business Panel has published the following model clause.
Cyber Clauses for use in conjunction with Contingency Risks
[LMA20-046-IR, 12/1/2020] In order to satisfy Lloyd's Bulletin Y5277, the LMA Contingency Business Panel has published a suite of model cyber clauses.
Cyber Clauses for use on Casualty Reinsurance Business
[LMA20-047-DP, 12/1/2020] In order to satisfy Lloyd’s Bulletin Y5277 – Providing clarity for Lloyd’s customers on coverage for cyber exposures, the LMA International Casualty Reinsurance Business Panel has published new model clauses.
Gemini Phase II’s fee settlement solution goes live
[LMA20-045-TB, 11/26/2020] The long-awaited Gemini Expert Management & Settlement System for claims experts is now live, instigating the first payment of fees to an expert using the automated settlement facility whilst capturing structured data and MI in relation to expert spe
Property Damage Valuation and Average Clause for use in conjunction with Onshore Energy Risks
[LMA20-044-IR, 11/16/2020] The LMA Onshore Energy Business Panel has published the following model clause: LMA 5514 - Property Damage Valuation and Average Clause (for use in conjunction with Onshore Energy Risks)
LMA clauses updated following Canadian AIF address change
[LMA20-043-AC, 10/27/2020] To notify interested parties that, as the result of a move by the Canadian Attorney-in-Fact to an office location based in Toronto, the following LMA model clauses have been amended to reflect the new office address.
Lexxika Translation Service
[LMA20-042-TB, 10/13/2020] The LMA’s General Liability Claims Committee identified a requirement for a reliable, quality translation service, and undertook a review of the services available, with a review to selecting a preferred vendor to offer these services across the Llo
California Consumer Privacy Act of 2018 (CCPA) – Publication of LMA model wordings
[LMA20-041-AC, 10/6/2020] The California Consumer Privacy Act of 2018 (“CCPA”), which took effect on 01 January 2020, governs the collection, use and sale of personal information of California residents and households.
Cyber Clauses for use in conjunction with Motor Insurance risks
[LMA20-040-PD, 9/29/2020] In order to satisfy Lloyd’s Bulletin Y5277 – Providing clarity for Lloyd’s customers on coverage for cyber exposures, the LMA Motor Committee has published the following suite of model cyber clauses.
Limited Communicable Disease Exclusion (Casualty Treaty Reinsurance) and Casualty Reinsurance Loss Occurrence Clause No. 3
[LMA20-039-PD, 9/23/2020] Following the publication in May 2020 of LMA5399 – Communicable Disease Exclusion (Casualty Treaty Reinsurance), the LMA North American Casualty Reinsurance Business Panel has now published two model clauses.
LMA Loss Triangulation Reports
[LMA20-038-PD, 9/18/2020] The loss ratio triangulations prepared using GQD data will be available on the Insights Hub called the “Underwriting Development Triangles” from 15 September 2020.
LMA Loss Triangulation Reports
[LMA20-037-PD, 8/7/2020] The Q1 & Q2 2020 Loss Ratio Triangulation Reports are now available.
Delegated Claims Enhancements
[LMA20-036-TB, 7/30/2020] This bulletin publishes the new Delegated Claims Standards driven by the DACG.
Gemini Phase 2 launch
[LMA20-035-TB, 7/29/2020] Gemini, the open market solution that allows managing agents to have oversight of claims experts, improves the way we pay experts, and provides managing agents with insight on expert spend is now just a few weeks away away from phase 2.
Cyber Exclusion (for use on A&H and Travel policies)
[LMA20-034-PD, 7/13/2020] The LMA Personal Accident Business Panel has published a model cyber exclusion, for use with Accident & Health and Travel Policies.
Contingency Coronavirus and Communicable Disease Exclusions
[LMA20-033-PD, 7/6/2020] The LMA Contingency Business Panel has published the attached model exclusions.
Cyber Clauses for use in conjunction with Contingency Risks
[LMA20-032-PD, 7/6/2020] In order to satisfy Lloyd’s Bulletin 5277 - Providing clarity for Lloyd’s customers on coverage for cyber exposures - the LMA Contingency Business Panel has published a suite of model cyber clauses.
Cyber Risks Endorsements (For use with Bankers Blanket Bond and Crime Policies)
[LMA20-031-PD, 6/22/2020] The LMA Financial Institutions Business Panel has published 2 model cyber clauses, for use with Bankers Blanket Bond and Crime Policies.
Communicable Disease Endorsement (for use on US Errors and Omissions policies)
[LMA20-030-PD, 6/17/2020] The LMA North American Errors & Omissions Business Panel has published a model endorsement.
Limited Communicable Disease Exclusion No. 3 (Property Treaty Reinsurance - Risk)
[LMA20-029-AC, 6/17/2020] The LMA Property Reinsurance Business Panel has published the attached model exclusion.
Louisiana Disclosure Notices
[LMA20-028-AC, 5/27/2020] Following a change in regulation last year, the Louisiana Disclosure Notice (Homeowners) LSW1668A has been amended and the revised version has been published as LMA9190.
Occupational Disease and Cumulative Trauma Endorsement
[LMA20-027-PD, 5/22/2020] The LMA North American Casualty Reinsurance Business Panel has published the attached model endorsement.
Property Treaty Limited Communicable Disease Exclusions
[LMA20-026-PD, 5/21/2020] The LMA Political Risk, Credit and Financial Contingency Committee has published a further model cyber clause (in addition to LMA5408).
Property Treaty Limited Communicable Disease Exclusions
[LMA20-025-PD, 5/18/2020] The LMA Property Reinsurance Business Panel has published the attached model exclusions, in addition to Communicable Disease Exclusion LMA5394.
Communicable Disease Exclusion (Casualty Treaty Reinsurance)
[LMA20-023-PD, 5/15/2020] The LMA Political Risk, Credit and Financial Guarantee Committee has published a model exclusion.
Infectious or Contagious Disease Exclusion during a PHEIC (for use on consumer and commercial Accident/Accident & illness policies)
[LMA20-024-PD, 5/15/2020] The LMA Personal Accident Business Panel has published a model exclusion.
Communicable Disease Exclusion (Casualty Treaty Reinsurance)
[LMA20-022-PD, 5/8/2020] The LMA North American Casualty Reinsurance Business Panel and the International Casualty Reinsurance Business Panel have published a attached model endorsement.
Infectious or Contagious Disease Exclusion (for use on UK consumer and commercial property risks)
[LMA20-021-PD, 5/7/2020] The LMA Combined UK Commercial and Household Business Panel has published LMA5398 Infectious or Contagious Disease Exclusion model endorsement.
Energy Risks & COVID-19 Impact Risk Engineering Questions
[LMA20-020-IR, 5/5/2020] The ESG of the LMA’s OEBP has published a set of questions that onshore energy underwriters and risk engineers can use when communicating with their clients to identify potential operational changes
Communicable Disease Exclusion (For use on power generation, construction and engineering policies)
[LMA20-019-PD, 4/30/2020] The Joint Power Generation Committee Renewable Energy Sub-Committee and Engineering Business Panel have published the attached model endorsement.
Consumer Wordings Guidance v6.0
[LMA20-018-AC, 4/29/2020] The latest version of the Joint LMA/Clyde & Co Guidance on Consumer Wordings is available to download from the LMA website, and contains a Document Revision/Change History section to identify the key amendments/updates.
Communicable Disease Exclusion (For use on liability policies)
[LMA20-017-PD, 4/17/2020] The LMA International Liability and US General Liability Business Panels have published LMA5396 Communicable Disease Exclusion (For use on liability policies).
Claims Changes - Claim Scheme, Co-lead Binders & Proof of Loss
[LMA20-016-LE, 4/7/2020] This bulletin publishes the central changes being implemented by Lloyd’s and the LMA.
Gemini - Digital Expert Management & Settlement - Phase II
[LMA20-015-TB, 4/3/2020] The delivery of Phase II of the Gemini Claims Expert Management platform has been slightly delayed by build and Write-Back integration issues, and will now be delivered in the summer of 2020.
Communicable Disease Exclusion (Property Treaty Reinsurance)
[LMA20-014-PD, 3/30/2020] The LMA Property Reinsurance Business Panel has published LMA5394 Communicable Disease Exclusion (Property Treaty Reinsurance).
Communicable Disease Endorsement
[LMA20-013-PD, 3/25/2020] The LMA Worldwide Property Panel has published a model endorsement, LMA5393 Communicable Disease Endorsement, for use on property policies.
Email submission process reminder for paper files
[LMA20-012-SFC, 3/19/2020] Brokers and managing agents are asked to carefully review the ‘key principles & information’ DXC document attached.
LMA Capability Assessment for Claims Professionals - Now live!
[LMA20-010-LE, 3/18/2020] The market has delivered an online capability assessment that can be responded to by each claims professional, with the data and insight from this assessment initiating the development of a claims curriculum.
LMA Loss Triangulation Reports
[LMA20-010-PD, 3/5/2020] The Q4 2019 Loss Ratio Triangulation Reports are now available.
Renewable Energy – Turbine Installation – Hub-Locking Pins
[LMA20-009-PD, 2/25/2020] A number of instances within the industry have been recorded recently, where turbines have suffered significant damage resulting from rotors pins partially engaged during turning gear operations.
New Service of Suit and Jurisdiction Clauses for Lloyd’s Brussel
[LMA20-008-AC, 2/18/2020] The two new Service of Suit clauses and Jurisdiction Clauses for use on Lloyd’s Brussels business is to give the market greater clarity as to their use in relation to other dispute resolution arrangements in an insurance contract.
Market Reform Contract Guidance
[LMA20-006-AC, 2/3/2020] In accordance with previous practice, a cross-market group has carried out the annual review of the Market Reform Contract (Open Market) Guidance. This has resulted in the publication of a new version (v 2.0) of the Guidance.
Gemini - Digital Expert Management & Settlement - Phase II
[LMA20-005-TB, 1/21/2020] Phase II of the Gemini Claims Expert Management platform remains on schedule for delivery in April 2020.
Terrorism Risk Insurance Program Reauthorization Act of 2019 (TRIPA 2019)
[LMA20-004-AC, 1/15/2020] The Terrorism Risk Insurance Program Reauthorization Act of 2019 (TRIPRA 2019) was enacted on 20 December 2019 and will take effect from 01 January 2021.
Election Results: Worldwide Property Business Panel 2020
[LMA20-002-PD, 1/13/2020] Results of the Worldwide Property Business Panel 2020.
Election Results: Personal Accident Business Panel 2020
[LMA20-001-DP, 1/3/2020] Results of the Personal Accident Business Panel 2020.
Election Results: Terrorism and Political Violence Business Panel 2020
[LMA19-038-LA, 12/19/2019] Results of the Terrorism and Political Violence Business Panel Elections 2020.
UK Property Cyber Clauses
[LMA19-037-AC, 12/3/2019] The LMA has been working on behalf of its members to draft model clauses which assist the market in providing clarity of cyber coverage under first-party property damage policies.
Interim Guidance on the potential 'expiry' of TRIA on 31 December 2020
[LMA19-035-AC, 11/22/2019] LMA has issued guidance for policies renewing on/after 01 January 2020
Gemini - Digital Expert Management & Settlement - Phase II
[LMA19-034-TB, 11/20/2019] Gemini, the Claims Expert Management platform, will now move in to a final phase of delivery, building on phase I and the original deliverable of obtaining visibility of expert spend and usage at a carrier and market level.
Change of Lloyd's suggested/default service of suit agent in USA
[LMA19-033-AC, 11/19/2019] This Bulletin details LMA's response following Lloyd's Bulletin Y5262 advising of a change to the Lloyd's suggested/default service of suit agent in USA.
Property and Marine Cyber Clauses
[LMA19-031-PD, 11/13/2019] The LMA has drafted model clauses which assist the market in providing clarity of cyber coverage under first-party property damage policies.
Updated: Insurance Distribution Directive endorsement
[LMA19-032-SM, 11/13/2019] The LMA5312, dealing with the allocation of insurance distribution directive (IDD) product governance responsibilities between managing agents and coverholders has been updated, with the reference LMA5312A.
Delegated claims oversight - publication of delegated claims audit deliverables
[LMA19-030-TB, 11/8/2019] In September of 2018, we outlined a programme of work that we would be undertaking in relation to delegated claims (LMA18-043-TH), and provided an update on the programme in December 2018 (LMA18-052-TH) and 20 March 2019 (LMA19-011-TH) to carriers an
Write-Back October 2019
[LMA19-029-SFC, 11/1/2019] It is the most successful modernisation project of the last five years, handling in excess of 1.5 million claims messages a month. It also responds to the key and future principles of Future at Lloyd’s.
SCAP - EEA slip leads
[LMA19-028-EW, 10/21/2019] This bulletin sets out the positions of Lloyd’s Brussels and other European Economic Area (EEA) insurers under the Single Claims Agreement Party (SCAP) protocol.
Senior Managers & Certification Regime guidance updated
[LMA19-027-SM, 9/26/2019] The LMA have updated the SM&CR guidance to reflect new requirements from the PRA and also to provide an example template for the issuing of Certificates under the new Certification regime.
Update to Twin Binding Authority MRC
[LMA19-025-AC, 8/12/2019] The LMA has drafted an update to the Twin Binding Authority MRC which has been published as LMA3113AT-A.
MIS Claims Imagery & Intelligence Service
[LMA19-024-JW, 8/1/2019] This tool has historically been funded by the LMACC and is now jointly funded with Lloyd’s on a 50/50 basis. A central market contract is in place until 13 January 2020.
Auditor Terms of Business Agreement
[LMA19-023-EW, 7/29/2019] The LMA’s Delegated Audit Group (DAG) has put together a model Terms of Business Agreement (TOBA) that can be used by managing agents when instructing coverholder or TPA auditors. The TOBA can be found below, and is also available on the Lloyd’s Word
Terrorism Panel Cyber Endorsements
[LMA19-022-AC, 6/18/2019] The LMA Terrorism Business Panel, in conjunction with representatives from the LMA Wordings Forum, have published two model write backs of cyber cover (essentially, but not exclusively, as write backs to the Terrorism exclusion contained within the L
GDPR: Market & DXC processes for handling Data Subject Requests
[LMA19-021-JW, 6/14/2019] LMA and DXC have been working to ensure there is a clear documented process in place to assist Data Controllers (in this case carriers) and DXC (as a Data Processor).
New South Wales Emergency Services Levy
[LMA19-020-PD, 6/10/2019] Insurers writing relevant classes of business in New South Wales are required to charge an Emergency Services Levy alongside the risk premium to cover their contribution to the emergency services annual budget.
LMA Risk Code Triangulation Reports – Q1 2019
[LMA19-019-PD, 6/3/2019] The latest LMA Triangulation Reports (Q1, 2019)
Gemini Expert Management - Phase 2 delivery - capturing expert spend
[LMA19-018-TB, 5/15/2019] An update on the phase 2 scope, design and plan to fully deliver Gemini, the market's expert management solution, following the initial delivery in October 2018.
Loss Ratio Triangulations
[LMA19-014-PD, 5/8/2019] The LMA Loss Ratio Triangulations, based on data from DXC, provide details and development patterns of gross net premiums (gross of reinsurance, net of acquisition costs), paid and incurred claims for each Lloyd’s risk code by year of account.
SCAP - one year in
[LMA19-017-LE, 4/29/2019] The Single Claims Agreement Party (SCAP) clause has been available to the London Market since February 2018.
Elections to the LMA Board 2019 - Ballot paper
[LMA19-015-SM, 4/9/2019] There are four candidates standing for three vacancies on the LMA Board for 2019.
Consumer Wordings Guidance v5.0
[LMA19-013-AC, 3/29/2019] The latest version of the Joint LMA/Clyde & Co Guidance on Consumer Wordings is available to download from the LMA website, and contains a Document Revision/Change History page to identify the key amendments/updates.
DA SATS Endorsements
[LMA19-012-TH, 3/21/2019] DA SATS was launched in late 2018 as a platform to assist the market to manage bordereaux information and data gathered under binding authorities.
Delegated Claims Oversight Strategy - Consultation on Core Deliverables
[LMA19-011-TH, 3/20/2019] The LMA are now in a position to publish the deliverables within a consultation phase for Delegated Claims which is scheduled to end on 5 April 2019.
Joint Energy Claims Group: 2019 Election Results
[LMA19-010-JSN, 3/13/2019] Following the recent call for nominations from the electorate and subsequent election for available places on Joint Energy Claims Group (JECG) as large number of votes were received which did not clearly distinguish between nominees.
LMA Board Elections
[LMA19-009-GB, 2/28/2019] The purpose of this letter is to set out the process and timetable for the 2019 election for directors to the LMA Board.
Joint Committee Elections: 2019 Election Results
[LMA19-008-JS, 2/27/2019] Following the recent call for nominations from the electorate and subsequent elections for available places on the Joint Cargo, Joint Rig and Joint Specie Committees', the elections results are linked below:
New South Wales Emergency Services Levy
[LMA19-007-PD, 1/28/2019] Insurers writing relevant classes of business in New South Wales (NSW) are required to charge an Emergency Services Levy (ESL) alongside the risk premium to cover their contribution to the emergency services annual budget.
LMA Risk Code Triangulation Reports – Q4 2018
[LMA19-006-PD, 1/25/2019] The LMA Risk Code Triangulation Reports for Q4 2018, using data supplied by Xchanging, have now been published on the LMA website.
LMA Risk Code Triangulation Reports – Q4 2018
[LMA19-006-PD, 1/25/2019] The LMA Risk Code Triangulation Reports for Q4 2018, using data supplied by Xchanging, have now been published on the LMA website.
New claims committee governance structure
[LMA19-005-EW, 1/22/2019] The LMA Claims team has completed a review of the way that our claims committees are structured and run.
Election Results: Terrorism and Political Violence Business Panel 2019
[LMA19-004-LA, 1/8/2019] In response to a large number of nominations for the LMA Terrorism panel election, it has been agreed that the panel will increase in size from 12 to 16 places for 2019.
Election Results: LMA Worldwide Property Business Panel 2019
[LMA19-003-PD, 1/5/2019] Following the recent ballot, the following people have been elected to the Worldwide Property Business Panel (WWPBP) for a three-year term.
Election Results: Joint Power Generation Committee 2019
[LMA19-002-PD, 1/4/2019] Following the recent ballot, seven individuals have been elected as members to the Joint Power Generation Committee (JPGC) for a three-year term.
Election Results: Personal Accident Business Panel
[LMA19-001-DP, 1/4/2019] Following the recent ballot, eight individuals have been elected as members to the Personal Accident Business Panel (PABP) for a five year term.
Market Reform Contract Endorsement (MRCE) Guidance v1.3
[LMA18-056-AC, 12/28/2018] The cross-market group has now carried out a review of the associated Market Reform Contract Endorsement (MRCE) Guidance, which deals with contract changes.
Risk Engineering document updates
[LMA18-055-PD, 12/27/2018] The LMA’s Onshore Energy Business panel (OEBP) Engineering Sub-Group has updated three risk engineering documents originally published in 2015.
Business Interruption worksheets
[LMA18-054-PD, 12/21/2018] The LMA’s Onshore Energy Business panel (OEBP) has published two Business Interruption (BI) worksheets – one Gross Earnings (LMA9159) and one Gross Profit (LMA9160).
Arbitration and Alternative Dispute Resolution Clause
[LMA18-053-PD, 12/20/2018] The LMA’s North American Casualty Reinsurance Business panel (NACRBP) has published a model arbitration clause (LMA5344) for use on US treaties.
Delegated Claims Modernisation - Update
[LMA18-052-TH, 12/18/2018] In collaboration with the LMACC and the Lloyd’s claims team, the LMA is implementing an enhanced delegated claims model which encompasses a long term delegated claims strategy.
Gemini Claims Expert Management Hub - Now Live
[LMA18-051-TB, 11/30/2018] Following two successful phases of market acceptance testing, the market has signed off the delivery of the Gemini Claims Expert Management Solution (provided by Advent Insurance Management). The solution is now available for carriers to use.
Consumer Wordings Guidance v4.2
[LMA18-050-AC, 11/28/2018] The latest version of the Joint LMA/Clyde & Co Guidance on Consumer Wordings is available to download from the LMA website, and contains a Document Revision/Change History page to identify the key amendments/updates.
LMA Risk Code Triangulation Reports – Q3 2018
[LMA18-049-PD, 11/12/2018] The LMA Risk Code Triangulation Reports for Q3 2018, using data supplied by Xchanging, have now been published on the LMA website.
Lloyd’s Risk Location and Stamp Decision Guidance (Lloyd's Brussels)
[LMA18-048-PD, 11/6/2018] In the event of a hard Brexit in March 2019, Lloyd’s syndicates will no longer be licensed to write EEA (and Monaco) risks on syndicate paper.
Lloyd’s Brussels TPA Agreement
[LMA18-047-TH, 11/5/2018] The Lloyd’s Brussels TPA agreement (LBS0065) has been published to support the management of outsourced claims entities from the EEA by Lloyd’s Brussels.
Co-Lead Claims Agreement
[LMA18-046-TH, 10/19/2018] This bulletin both introduces and publishes the co-lead claims agreement, to support the streamlining of the co-lead claims agreement process within the Lloyd’s market.
Lloyd's Brussels: placement process for delegated authority business from 01 January 2019
[LMA18-045-TH, 10/3/2018] Lloyd’s Brussels will underwrite non-life insurance and facultative reinsurance risks located in EEA countries with effect 2019. This bulletin provides documentation and guidance to a number of elements of that placement process for DA business.
Brexit – placing of EEA/non-EEA risks post 01 January 2019
[LMA18-044-AC, 10/2/2018] Lloyd’s has established a new insurance company based in Brussels. From 01 January 2019, placements under a syndicate and LBS stamp will have to be priced separately.
Delegated Claims Oversight Strategy
[LMA18-043-TH, 9/27/2018] The main aims of the program are to provide an improved and more consistent DA experience for TPAs, improved service for customers and increased indemnity accuracy.
DS1017 CAT DOI Reporting app - now live
[LMA18-042-JW, 9/26/2018] The LMA have been working with DXC to create a live reporting app which will allow managing agents to access the required claims data to assist with the compilation of returns.
Single Claims Agreement Party (SCAP) - implementation of the Operating Model
[LMA18-041-LE, 9/18/2018] An update is being provided to the market regarding the confirmation that enhancements were to be delivered to support the operation of SCAP in Q4 2018, allowing carriers to consider the changes, the impact and the benefit to the SCAP operating model
Market Reform Contract Guidance
[LMA18-040-AC, 9/6/2018] Lloyd’s has established a new insurance company based in Brussels (Lloyd’s Insurance Company S.A., known as Lloyd’s Brussels), to underwrite non-life insurance and facultative reinsurance risks located in EEA countries with effect from 01 Jan 2019.
Lloyd’s Brussels Subsidiary (LBS) Policy Documentation
[LMA18-039-AC, 9/3/2018] To support the underwriting of EEA risks by Lloyd’s Brussels (i.e. for policies incepting on or after 01 January 2019), Lloyd’s, in conjunction with the LMA, has prepared a new suite of policy documentation for Lloyd’s Brussels.
LMA Risk Code Triangulation Reports – Q2 2018
[LMA18-038-PD, 8/3/2018] The LMA Risk Code Triangulation Reports for Q2 2018, using data supplied by Xchanging, have now been published.
GEMINI – A Claims Expert Management Hub
[LMA18-036-LE, 7/30/2018] An update on the delivery of the claims expert management hub, following approval from the LMACC and support from the claims community in 2017, and market consultation in Q1 2018.
Model Insurance Product Information Documents (IPIDs)
[LMA18-037-AC, 7/26/2018] The LMA, in conjunction with the Wordings Forum, has prepared model IPIDs for four of the five consumer products for which we already have model wordings, which are now also in the Lloyd’s Wordings Repository (LWR).
Model Business Interruption Extension Wordings
[LMA18-035-AC, 7/24/2018] The LMA Wordings Forum’s Business Interruption Working Party have been working on a suite of model business interruption (BI) specifications for use as extensions to property damage wordings.
Single Claims Agreement Party (SCAP) - Enhancing the Operating Model
[LMA18-034-LE, 7/17/2018] Following the LMACC and Claims TOM Steer Co's decision to priortise SCAP, a cross market working group has identified opportunities to enhance its operation
Senior Managers & Certification Regime guidance issued
[LMA18-033-SM, 7/5/2018] The PRA has published its final rules and the FCA has published its near final rules on the Senior Managers & Certification Regime.
Election Results: Worldwide Property Business Panel 2018
[LMA18-032-PD, 6/29/2018] After the recent ballot to fill six vacancies on the LMA Worldwide Property Business Panel, the following individuals have now been elected for a three year term
Election Results: Personal Accident Business Panel 2018
[LMA18-031-DP, 6/21/2018] Following the recent ballot to fill two vacancies on the LMA Personal Accident Business Panel, two individuals have now been elected for a five year term
Consumer Wordings Guidance v4.1
[LMA18-030-AC, 6/18/2018] The latest version of the Joint LMA/Clyde & Co Guidance on Consumer Wordings is available to download from the LMA website, and contains a Document Revision/Change History page to identify the key amendments/updates.
New South Wales Emergency Services Levy
[LMA18-029-PD, 6/12/2018] The New South Wales (NSW) government reversed its decision to transition from a levy charged on insurance premiums to a property-based levy for the funding of emergency services.
Onshore Energy Business Panel – Mothballing & Recommissioning Questionnaire (LMA9142)
[LMA18-028-PD, 5/23/2018] The LMA’s Onshore Energy Business Panel has published a Mothballing and Recommissioning Questionnaire (LMA9142) for use in the onshore oil, gas and petrochemical market.
LMA General Data Protection Regulation Guide
[LMA18-027-KK, 5/17/2018] The GDPR came in to effect on Friday 25 May 2018. The LMA, jointly with DAC Beachcroft, has produced market guidance on the application of the GDPR in the Insurance Industry.
LMA Risk Code Triangulation Reports – Q1 2018
[LMA18-026-PD, 5/3/2018] The LMA Risk Code Triangulation Reports for Q1 2018, using data supplied by Xchanging, have now been published.
Lloyd's UK Terrorism Endorsement
[LMA18-025-AC, 5/1/2018] The Pool Re Underwriting Manual v 7.0 came into effect on 01 April 2018. Amongst other things, the new Manual incorporates a change to the cyber cover provided by Pool Re which, in turn, requires changes to members’ policies.
GDPR - Information Notices and model wordings
[LMA18-023-AC, 4/25/2018] In conjunction with Clyde & Co, the LMA has now produced a model (Layer 1) Short Form Notice and ancillary consent language / policy clauses, which are available on the LWR.
Brexit Binding Authority Sunset Endorsement
[LMA18-022-TH, 4/24/2018] The LMA has now drafted the below model clause to assist in managing the transition of binding authority business to Lloyd’s Brussels Subsidiary (LBS) in respect of Brexit.
SCAP and ECF Claims Best Practice Online Training
[LMA18-021-SB, 4/16/2018] This online training follows a similar format to the masterclasses held in January and February and to make them as interactive as possible, they have been designed in a scenario-based format that is thought provoking for the user.
LMA Board Election Results 2018
[LMA18-020-GB, 4/3/2018] The LMA has announced the four successful candidates for membership of its Board: David Croom-Johnson, Aegis; Stephen Eccles, Argo; Richard Harries, Atrium and; Matthew Shaw, Chubb.
Risk Transfer and Non Risk Transfer Terms of Business Agreements: GDPR and Criminal Finances Act 2017
[LMA18-019-KK, 3/22/2018] The LMA, in conjunction with LIIBA, has amended the model Non Risk Transfer Terms of Business Agreement and Risk Transfer Terms of Business Agreement to reflect GDPR and the Criminal Finances Act 2017.
Australian Complaints Endorsements to Binding Authorities
[LMA18-018-TH, 3/14/2018] The LMA has now drafted clauses to address Lloyd’s requirements for complaints handling under binding authorities for Australian complaints.
Marine & Aviation Committees: 2018 Election Results
[LMA18-016-NR, 3/5/2018] Results have been announced following elections for available places on the LMA Aviation Committee, LMA Marine Committee and a number of Joint LMA/IUA marine-related committees.
GDPR and Criminal Finances Act 2017 - Model Agreements
[LMA18-017-KK, 3/5/2018] The LMA has amended the market model agreements to reflect the General Data Protection Regulation (which comes into effect in May 2018) and the Criminal Finances Act 2017 (already in effect).
LMA Board Elections
[LMA18-015-GB, 2/28/2018] LMA members have the opportunity to nominate candidates, who must be an employee or officer of an LMA full member and must be supported by three LMA full members in addition to the candidate’s own member firm.
LMA Guidance for UK Coverholders: Insurance Distribution Directive
[LMA18-014-SM, 2/28/2018] The Guidance covers various aspects of IDD including product oversight & governance, manufacturer responsibilities and Insurance Product Information Documents (IPIDs).
LMA Launches Claims Development Pathway
[LMA18-013-LE, 2/21/2018] The LMA has launched the Claims Development Pathway, an interactive training and development tool that will provide support to claims professionals in the Lloyd’s market, at every stage of their careers.
LMA Guidance: GDPR Core Uses Information Notice
[LMA18-012-SM, 2/16/2018] The LMA, jointly with Norton Rose Fulbright, has published guidance to assist insurance market participants with their use of the Core Insurance Information Notice
Consumer Wordings Guidance v4.0
[LMA18-010-AC, 2/14/2018] The latest version of the Joint LMA/Clyde & Co Guidance on Consumer Wordings is available to download from the LMA website, and contains a Document Revision/Change History page to identify the key amendments/updates.
Coverholder Audit Scope
[LMA18-011-TH, 2/14/2018] The final version of the updated Coverholder Audit Scope has now been published and can be found on the Coverholder Audit page of the LMA website.
Coverholder and TPA Model GDPR Readiness Questionnaire
[LMA18-009-TH, 2/14/2018] The LMA has drafted a model questionnaire in conjunction with the market and Lloyd’s to support managing agents in confirming that coverholders and TPAs will be compliant with GDPR.
LMA market guidance – Duty of confidentiality
[LMA18-008-KK, 2/12/2018] The LMA market guidance is a reminder about relevant law and regulation concerning confidentiality and the serious potential consequences of breach, both at a personal member-of-staff level and at corporate level.
London market Single Claims Agreement Party Model goes live
[LMA18-007-LE, 2/2/2018] A transformational new model that will simplify how claims within the London market are handled is launched yesterday in an effort to improve client service and streamline claims agreement across the London market.
Market Reform Contract Guidance
[LMA18-006-AC, 2/1/2018] In accordance with previous practice, a cross-market group has carried out the annual review of the MRC Open Market guidance. This has resulted in a new version (v 1.8) of the MRC guidance containing relatively minor enhancements.
Complaints Endorsements to Binding Authorities
[LMA18-005-TH, 1/31/2018] The LMA has drafted a suite of clauses to attach to binding authority agreements incorporating the requirements for these territories.
LMA Risk Code Triangulation Reports – Q4 2017
[LMA18-004-PD, 1/30/2018] The LMA Risk Code Triangulation Reports for Q4 2017, using data supplied by Xchanging, have now been published.
Data Protection Bill - House of Lords Third Reading
[LMA18-003-KK, 1/22/2018] At the Third Reading on 17 January 2018, the House of Lords passed a Government-tabled amendment to Schedule 1 of the Data Protection Bill, which provides insurers with a new ground to process selected types of Special Category Personal Data, includi
Onshore Energy Business Panel – Mothballing & Recommissioning Questionnaire (LMA9142)
[LMA18-002-PD, 1/16/2018] The new questionnaire follows a similar format to the questionnaire attached to LMA5197A but with specific focus on the steps taken by an insured when mothballing a plant as well as the process being followed prior to recommissioning.
Election Results: Personal Accident Business Panel 2018
[LMA18-001-DP, 1/2/2018] Following the recent ballot, nine individuals have been elected as members to the Personal Accident Business Panel (PABP) for a five year term
TBA Purging Rule Change
[LMA16-025-LE, 5/23/2016] The LMA would like to advise the market that the purging rules are being amended from 1 June 2016.
LBS and PVII Fee Reporting
[LMA21-024-TB, 11/11/2015] This bulletin sets out a recommendation that is endorsed by the LMACC and LMAOC to deliver a centralised solution to accurately validate and process expert spend and VAT liabilities to LIC and LBS and Part VII claims for both open market and DA busin