DA SATS Endorsements
DA SATS was launched in late 2018 as a platform to assist the market to manage bordereaux information and data gathered under binding authorities.
The system is deliberately designed to allow any stakeholder in that process to take on a number of roles within the process, while also allowing coverholders, brokers or managing agents to upload, map or review that bordereaux data. Use of DA SATS is mandatory for any business written through Lloyd’s Brussels subsidiary (LBS), while managing agents are engaging with the platform at different times for other business.
Where bordereaux are to be managed through DA SATS, the LMA (in conjunction with LBS) have drafted clauses for attaching to model binding authority or coverholder appointment agreements which lay out which party is responsible for each role. The clause also reorders the existing ‘Reporting, Records and Aggregate Exposures’ sections to more clearly delineate between reporting information and accounting requirements.
The roles and descriptions within DA SATS are as below. Where DA SATS is to be used for bordereaux management on a specific contract, managing agents, brokers and coverholders should carefully consider which roles should be undertaken by each stakeholder:
Role
|
Role Description
|
Contract Administrator
|
Create Contract in DA SATS and manage
|
Submission
|
Submission of bordereaux into DA SATS
|
Transformation
|
Translate your bordereau format to Tide standard data fields using a simple pre-defined and once-only Questionnaire
|
| |
Use on-screen prompts to assist in resolving data quality issues automatically; resulting in a standardised, cleansed and enriched bordereau
|
Assignment
|
Define rules by which records are assigned to Section and Risk Code(s)
|
Approval
|
Final approval of processed bordereaux before providing access to all data for Contract Participants
|
The LMA version of the clause for use with LMA model binding authority agreements is LMA5346, while the LBS version for use with the coverholder Appointment Agreement is LBS0071. This is also being incorporated into an update of the core coverholder Appointment Agreement for LBS, LBS0001A.
The LMA version of the clause can be found below or alternatively on the Lloyd’s Wordings Repository. The LBS clauses can be found on the Lloyd’s Wordings Repository.
Where DA SATS is to be used for bordereaux management with a TPA, please insert the table above into the relevant part of your TPA agreement.
For more information on DA SATS, please visit the TOM website or contact dasats@lmtom.london.
Should you have any queries in relation to the endorsements, please contact Tom Hamill at tom.hamill@lmalloyds.com or Jack.Knapen@lloyds.com.
Tom Hamill
Manager, Claims and Delegated Authority Operations
|