Principle
For subscription business there should be an effective claims agreement process to protect the interests of followers, supported by full co-operation of lead underwriters.
Minimum standards
Relating to Lloyd’s Leaders:
- Assist the followers’ claims agreement party(ies) to fulfil its (their) role in the subscription review process, consistent with the relevant service agreement, the Lloyd’s Claims Scheme and Lloyd’s Claims Management Principles and Minimum Standards.
- Ensure that appropriate procedures are in place with the followers’ claims agreement party(ies) where decisions are likely to be required at short notice.
Relating to followers’ claims agreement party(ies):
- Deliver services in line with the relevant service agreement, the Lloyd’s Claims Scheme and Lloyd’s Claims Management Principles and Minimum Standards.
Relating to Lloyd’s followers:
- Cooperate with their claims agreement party(ies) within the terms of their services agreement, the Lloyd’s Claims Scheme and Lloyd’s Claims Management Principles and Minimum Standards.
