COVID-19: LMA to close offices until March-end, employees to work from home

The Lloyd's Market Association (LMA) has asked all its staff to work remotely and decided to closes offices until the end of the month in response to the coronavirus (COVID-19) outbreak, which has been declared a pandemic by the World Health Organisation.

LMA has set out a ‘work from home’ business continuity plan starting Tuesday, March 17 up until the end of March.

It said that while the offices will be closed, the LMA will remain open for business and operating as close to usual as possible.

Additionally, from March 13 until the end of April, all LMA events and Academy Programmes have been postponed, and all registered delegates have been informed.

During this period, all LMA meetings will be hosted via conference call or video conference.

"We recognise that this is a different way of working - we are fully equipped and prepared to continue working as close to usual as possible with the London market," the association said in a statement.

The LMA has also published the policy language which will ensure customers’ coverage continues beyond a specified renewal date if the Lloyd’s market is inaccessible, and Emergency Trading Protocol fails.

The clause is intended to ensure that (re)insureds will not be left without cover if the developing Covid-19 situation makes normal renewal discussions untenable.

Patrick Davison, deputy director of underwriting at the LMA said: “Although the situation specified is extremely unlikely to occur, the LMA and its members felt it prudent to draft this model clause to ensure that Lloyd’s customers are not left without coverage should the Coronavirus, or any other event, prevent renewal negotiations from taking place.”