Retrospective endorsements are endorsements where the date inserted for when the endorsement takes effect is prior to the date that there is full and final agreement of the terms, as evidenced by all the parties signing the endorsement.
Lloyd’s has put together some guidance which outlines best practice as well as the process for administering these types of endorsements for binding authority contracts. We recommend managing agents familiarise themselves with this guidance, the new process we will be rolling out for 2024. Please note that the new process for registering retrospective endorsements on DCOM must be followed by all managing agents from 1st January 2024.
Download Retrospective endorsement guidance