Home Insurance and Reinsurance Lloyd’s celebrates over five years of the Lloyd’s Wording Repository on Monday 10 September.

Lloyd’s celebrates over five years of the Lloyd’s Wording Repository on Monday 10 September.

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Hosted by the Lloyd’s Marketing Association and ISO, the event will give those working in the Lloyd’s Market the opportunity to see the Lloyd’s Wording Repository (LWR) and the ISO Lloyd’s Portal in action. Representatives from the LMA and ISO will be present to demonstrate the systems and answer questions.

Set up in 2008, the LWR enables users to view approved policy wordings and clauses regularly used within the Lloyd’s market. Wordings are searchable by reference, market, class of business, jurisdiction or language.

The number of available wordings has more than tripled to 4, 600 (from 1, 500) since its launch. The popularity of the service is reflected in its significant growth with more than 3, 000 registered users downloading an average of 18, 000 clauses per month.

The entire Lloyd’s underwriting community have unlimited access to the LWR. Around 90% of users are managing agents but a growing number of Lloyd’s brokers, non-Lloyd’s insurers and other interested parties from around the world also access the LWR.

Tom Bolt, Director of Performance Management at Lloyd’s commented: “In the current market few things are as important as wordings. Over the past 5 years, the LWR has proven to be an invaluable source of information to the market. It is an extremely useful tool in support of contract certainty, providing practitioners with immediate access to current policy wordings and clauses. I encourage market practitioners to make use of it.”

If you work in the Lloyd’s Market and would like to attend the event on Monday 10 September, simply visit meeting rooms 2 and 3 next to the Lloyd’s cafe near main reception, between 10am and 4pm. Representatives will be happy to answer your questions.

For further information about the LWR managing agents should contact Shazia Rennison at the LMA shazia.rennison@lmalloyds.com or on 020 7327 4011. All other interested individuals should contact Chris Kent at ISO: chris.kent@verisk.com or on 020 7680 4977.

(source: Lloyd’s of London site)

 

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