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.
Lloyd's is now keen to work with market practitioners and ACORD to develop standards for other classes and territories and for claims and premiums.
If you require any further information, or would like to share details of standards you currently use, please contact Sarah Thacker.
