Does the standard have to be used?
Lloyd's expects syndicates to have a high level of understanding of their exposures. Whilst Lloyd's is not mandating the use of the standard, it is strongly in support and would encourage use of the standard. For coverholders who are new to the Lloyd's market, it is expected that the standard would be used.
Do all columns have to be completed? Are any fields compulsory?
No. Underwriters, brokers and coverholders need to agree which fields will be completed. The template is intended to give consistency in terms of how the information is presented.
What about premiums, claims, other classes of business and other territories?
The template is designed to gather information to understand US property exposures and gross premiums. There is scope to extend this to other classes and territories in the future. Premiums and claims information tends to be of a slightly different nature but there is also scope for standardisation.
Why is the template "in force", why not transactional?
Most underwriters try to understand their portfolio risk by analysing in-force exposures as at a particular point in time. They typically refresh their data on a monthly basis. The template reflects this in-force snapshot approach.
What if I need some other fields?
There is a notes column at the end of the template. This column and those afterwards are intended to be used for any information which it is agreed should be provided in addition to the standard template. Please do not insert columns in the middle or delete or replace existing columns. If lots of users have the same additional field requirements, then these can be reviewed as part of the ACORD standards maintenance cycle and may result in a future updated version.
