Lloyd’s publishes policy documentation for Brussels unit
Lloyd’s and the Lloyd's Market Association (LMA) have published a new suite of policy documentation to support the underwriting of risks from the European Economic Area (EEA) by the new Lloyd’s Brussels unit.
In May 2018 Lloyd’s received licence approval from the National Bank of Belgium for its EU subsidiary Lloyd’s Insurance Company.
The licence means that Lloyd’s Brussels will be able to write non-life risks from the EEA after the UK leaves the EU, ensuring that Lloyd’s customers can continue to access the market’s specialist underwriting.
Lloyd’s Insurance Company will underwrite non-life insurance and facultative reinsurance risks located in EEA countries from Jan. 1, 2019.
The new documents were prepared by the LMA’s wordings team, working closely with the Lloyd’s Brexit and regulatory affairs teams and include generic coverholder certificates and open market policies, with country-specific variations where required.
The also include ancillary clauses such as service of suit, language declaration clause, data protection/privacy notices.
Furthermore, the market developed complaints notices for individual countries.
Alison Colver, head of wordings, LMA, said: “We are pleased that, through the collaborative efforts and hard work of the respective teams at LMA and Lloyd’s, we have been able to prepare and publish these documents, ahead of January renewals, and of course, Brexit.”
For ease of access by the market, all the documents and clauses, including a new Coverholder Appointment Agreement for use through Lloyd’s Brussels, have been published within the dedicated ‘Lloyd’s Brussels’ section of the Lloyd’s Wordings Repository (LWR).
Translations of certain documents will also be published on the LWR as soon as they are available, according to a corporate statement.
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