| Term | Acronym | Description |
| Acquisition costs | The costs for Managing Agents of acquiring business e.g. Broker fees. | |
| Audit Management System (now Delegated Audit Manager) | AiMs – now DAM | A single workflow system for Coverholders, Brokers, Carriers, TPAs and the Central Audit Function to manage the full audit process (including scheduling, scoping, quoting, preparing for site visits and managing audit findings and recommendations). It also supports solo audits where a Coverholder/TPA has a single relationship with a Carrier. |
| ATLAS | A web-based system that acts as an electronic filing and online application system for Coverholders. | |
| Binding Authority Agreement | BAA | Coverholders are authorised to write risks on behalf of Lloyds syndicates (DA) via the Binding Authority Agreement. The Binding Authority Agreement, commonly referred to as a “binder”, frames the responsibilities, entitlements and obligations of the parties and, as such, is the contract of delegation. It is the document used to make sure all contracting parties are clear about their roles and responsibilities. The binding authority agreement (contract of delegation) is not the contract of insurance provided to the policyholder. |
| Binding Authority Registration system | BAR | An online market system to register Lloyd’s binding authority contracts. |
| Bordereaux | Spreadsheet containing data relating to risks, premiums and/or claims. | |
| Business Process Operations | BPO | Third-party company which has been contracted to complete bordereaux processing on behalf of another firm. |
| Coverholder Appointment Agreement | CAA | Basis of delegated authority contract utilised by Lloyd’s Europe where capacity is re-insured to Lloyd’s managing agents participating within Lloyd’s London market |
| Carrier | The carrier of the risk, e.g. a Lloyd’s syndicate or (re)insurance company. | |
| Consortium Arrangement | A contractual arrangement under which one or more Managing Agents delegate(s) authority to another Lloyd’s Managing Agent (“the Consortium Leader”) to enter into contracts of insurance on their behalf. | |
| Delegated Contract and Oversight Manager Project | DCOM | Lloyd’s project set up to replace legacy systems, ATLAS and BAR (previously known as Chorus). |
| Contract Builder | Contract creation tool, built into Lloyd’s Delegated Contract Manager. | |
| Coverholder Workbench | CWB | Lloyd’s Coverholder Workbench is a digital platform that supports the Coverholder placement lifecycle including submission, rating, quoting, policy generation, management, and cash handling. |
| Coverholder | An insurance intermediary who has the authority to write and manage risks on behalf of Underwriters via Binding Authority Contracts. | |
| Coverholder Reporting Standards | CRS | The minimum information Coverholders must provide on risks, premiums, and claims (latest version V5.2). |
| Company Market | Insurance capacity that is not placed via Lloyd’s. | |
| Claim | 1. A demand made by a policyholder to their insurer for payment or contractual benefit under an insurance policy. 2. A demand made by an insurer on its reinsurer to be paid under a reinsurance contract 3. A demand made by a 3rd party on a policyholder. | |
| Delegated Authority | DA | A distribution method which permits a Coverholder to underwrite business and/or manage claims on an insurance company’s behalf. |
| Delegated Authority Operations Committee | DAOC | The role of the DAOC is to identify and promote the common interests of LMA members in any matter relating to the operation of delegated authority facilities. |
| Delegated Contract Manager | DCM | Lloyd’s new online platform (replacing BAR) to register all Delegated Authority contracts. An optional contract creation tool will also be available to Delegated Contract Manager users. |
| Delegated Data Manager (previously DA SATS) | DDM | A central repository designed to provide Brokers, Managing Agents and Coverholders with a platform to send and receive bordereaux information. DDM is also known as TIDE. |
| Delegated Oversight Manager | DOM | Lloyd’s online system (replacing ATLAS) to provide a single, end-to-end compliance check for new and existing Coverholders and DCAs. |
| Delegated Claims Authority | Where the management of claims has been outsourced to a third party under the terms of a DCA agreement. The current Delegated Claims Authority program aims to provide an improved and more consistent DA experience for TPAs, improved service for customers and increased indemnity accuracy. This will be achieved by providing the market with guidance, tools, model wordings and frameworks to assist in moving towards a common market approach in managing delegated claims. | |
| Delegated Underwriting Authority | DUA | A delegated underwriting authority relationship is formed when an insurer permits another party to perform risk selection and/or underwrite on their behalf. The most common method of delegated underwriting authority is to a Coverholder under the terms of a binding authority agreement. |
| Direct Dealing Managing Agent | DDMA | When there is no broker involved in a contract and the Managing Agent assumes this role themselves, this is referred to as a Direct Deal Managing Agent. |
| Delegated Claims Administrator | DCA | DCA company or partnership authorised to determine claims on contracts of insurance underwritten by the members of a syndicate in accordance with the terms of a delegated claims administration agreement. |
| Financial Conduct Authority | FCA | As of April 2013, a regulatory body of the UK’s financial services industry which, together with the PRA, replaced the Financial Services Authority (FSA). |
| Future at Lloyd’s | FAL/F@L | The long-term vision/strategy for how Lloyd’s will become the most advanced marketplace in the world. |
| Gross Written Premium | GWP | Original and additional inward premiums, plus any amount in respect of administration fees or policy expenses remitted with a premium but before the deduction of outward reinsurance premiums. |
| International Underwriting Association of London | IUA | Body representing non-Lloyd’s international and wholesale insurance companies’ operation in the London market. |
| Lineslip | A lineslip is an agreement by which a Managing Agent delegates its authority to enter into contracts of insurance, to be underwritten by the members of a syndicate or authorised insurance company, in respect of business introduced by a Lloyd’s Broker named in the agreement. | |
| London Brussels Syndicate | LBS | LBS – renamed Lloyd’s Europe in 2020 - was set up in 2018 so syndicates can continue writing business in the European Economic Area after the UK leaves the European Union. |
| Lloyd’s Direct Reporting | LDR | System that allows Managing Agents to report regulatory and tax information directly to Lloyd’s. |
| London and International Insurance Brokers Association | LIIBA | The association representing the interests of insurance and reinsurance brokers operating in the London and international markets. |
| London Insurance Market Operations & Strategic Sourcing | LIMOSS | Established to source and manage the portfolio of market services, built by the London insurance market as it modernises its processes. |
| London Market Association | LMA | A Body formed of Managing Agents that represents their interests to organisations such as governments, regulators, and the market's central supporting body-the Corporation of Lloyd's. |
| LMA Operations Committee | LMAOC | The LMAOC works with the Corporation of Lloyd’s to align Lloyd’s market processes with the needs of Managing Agents and ensures that the collective interests of LMA members are represented in all areas of process modernisation. |
| Lloyd’s Market | A marketplace where insurance business is conducted, bringing together Managing Agents and Brokers. | |
| Lloyd’s Broker | A representative sanctioned by the Committee at Lloyd's of London to contact underwriters at Lloyd's and negotiate insurance with the underwriters on behalf of the representative's clients | |
| Managing Agent | MA | A person who is permitted by the Council in the conduct of his business to underwrite contracts of insurance. |
| Market Participant Register | Golden source of data in the Market Entity Database (MED) which holds details of companies such as Brokers, Coverholders DCAs etc. that operate within the Lloyd’s Market. | |
| Prudential Regulation Authority | PRA | As of April 2013, a regulatory body of the UK’s financial services industry which, together with the FCA, replaces the Financial Services Authority (FSA). |
| Policyholder | The person who is insured under a contract of insurance. | |
| Producing Broker | The individual Broker who obtains a proposal for insurance or reinsurance. | |
| Qualifying quota share reinsurance | QQS | A quota share treaty (a type of reinsurance) that may be purchased by a Managing Agent with the permission of Lloyd’s to increase the underwriting capacity of its managed syndicate. |
| Reinsurance | A contract under which a reinsurer agrees to pay specified types and amounts of underwriting loss incurred by an insurer or another reinsurer in return for a premium. | |
| Reinsurer | An insurance company that provides insurance or reinsurance to other insurance or reinsurance companies | |
| Syndicate | Members of Lloyd’s underwrite insurance by forming groups of members known as syndicates. Syndicates are franchises of insurance companies that operate as independent business units, but have no legal personality, within the Lloyd’s market and are managed by Managing Agents. | |
| Third Party Administrator | TPA | An organisation to which an insurance company pays another company to do the administration or management of certain activities. |
| Unique Claims Reference | UCR | A reference applied to a claim record being processed through Central Services. |
| Unique Market Reference | UMR | The primary reference created by Brokers and used by the market to identify a contract. |
| Underwriter | The individual who is responsible for agreeing to (re)insure a particular risk and setting the terms of cover. These individuals are either employees Managing Agents, (re)insurance companies, Coverholders or any similar Underwriting Agents. | |
| Xchanging | XIS | An outsource provider of policy premium and claims processing services to the Lloyd’s market and others. Also referred to as DXC or “the bureau”. |
| Year of Account | YOA | The year to which an insurance or reinsurance contract underwritten by a syndicate is allocated for accounting purposes and into which all premiums and claims arising in respect of that contract are payable. |
