Coverholders keep Lloyd's underwriters up to date with details of the risks they have written. This is usually done on a monthly basis using spreadsheets called bordereaux.
The Lloyd's market received feedback that Lloyd's syndicates were making lots of different information requests of coverholders and coverholders wanted something more standardised.
A standard template (ACORD ER3001) has been created for coverholders to report risks.
The initial version of the template is for US Property and is in a spreadsheet format.
Expected Benefits:
- Coverholders will receive clear and consistent requests for information. This should reduce the costs and efforts of providing the information.
- Underwriters and brokers will receive more appropriate information in a more regulated format. This should remove the need to spend time and money cleansing and reformatting information.
If you require any further information, please contact Sarah Thacker.
