Best practice guidelines for dealing with energy claims have been published by the International Underwriting Association. The principles have been drawn up with the aim of ensuring clients receive better service through a more streamlined and cohesive approach by companies.
They are designed to improve communication and cooperation between the leader and other companies subscribing to a common policy following notification of a claim. The guidelines apply to insurance for all energy operations and power generation.
Nick Drury, Claims Manager at Berkley Offshore and chairman of the IUA Energy Claims Committee, said: “The energy claims best practice guidelines have been drawn up with support from a wide range of IUA member companies. We have also received input from the broking community through their trade body the London and International Insurance Brokers’ Association.
“I believe the final document will prove to be a useful framework enabling the London market to improve the speed and efficiency of its claims response.”
IUA members first convened to discuss energy claims handling in late 2012 and developed the best practice guidelines through a number of subsequent meetings. A draft document was then issued to the market for consultation before final publication.
The guidelines are voluntary and not intended to create any legal obligation on any contracting parties. They will be kept under review and amended as necessary in the light of market developments.
To download the energy claims best practice guidelines visit www.iua.co.uk/energyclaimsguidelines.
About the IUA
The International Underwriting Association of London (IUA) represents international and wholesale insurance and reinsurance companies operating in or through London. It exists to promote and enhance the business environment for its members.
The IUA’s London Company Market Statistics Report shows that premium income for the company market in 2012 was £17.993bn with a further £6.232bn controlled by London but written elsewhere. These results are based on a comprehensive survey of 62 companies and give an overall intellectual and economic premium total of £24.225bn for the London company market.