Lloyd’s has issued new policy documents meant to support post-Brexit underwriting in the European Union.
The documents, published through Lloyd’s Brussels, were prepared by the Lloyd’s Market Association’s (LMA) wordings team, working closely with the Lloyd’s Brexit and regulatory affairs teams. Lloyd’s Brussels, established in advance of Brexit, will start operating on Jan. 1, 2019 and underwrite non-life insurance and facultative reinsurance risks located in European Economic Area countries. The new policy documentation for Lloyd’s Brussels includes:
- generic coverholder certificates and open market policies, with country-specific variations where required
- ancillary clauses such as service of suit, language declaration clause, data protection/privacy notices
- complaints notices for individual countries.
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.
The Lloyd’s Market Association represents the interests of the Lloyd’s community, providing professional and technical support to its members.
Source: Lloyd’s Market Association
*This story appeared previously in our sister publication Insurance Journal.