9 October 2013 Insurance

IUA launches energy claims committee

A new London Market Energy Claims Committee has been set up to with the aim of establishing best practice guidelines for the sector. The group is overseen by the International Underwriting Association and hopes to improve client service with a more streamlined and cohesive approach to claims handling.

Members of the committee have already held their first meeting and drawn up a set of draft guidelines addressing issues such as the notification responsibilities of a claims leader, the appointment of expert investigators and the handling of coverage questions.

They are now keen to receive feedback on this work in order that a finalised document might eventually gain general market acceptance.

“Across the company market there has been an informal interest in improving the handling of energy claims for some time,” said Mark Baker, IUA market services manager and secretary to the new committee.

“Consequently a number of representatives from IUA member companies came together in an effort to better promote best practices. The group plans to meet regularly to talk about various issues that are of interest to the energy market and is keen to hear from other practitioners that might be interested in joining these discussions.”

Further review of the draft energy risks best practice guidelines is being undertaken by members of the new committee and their work will then be shared with representatives of the broker market.

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