The LMA has produced multi-year versions of the model binding authority agreements. With effect from the 2016 year of account, Managing Agents may enter into binding authority agreements of up to 36 months ('multi-year binding authorities')
The wordings are intended solely as model wordings and accordingly are illustrative. They have been produced and distributed for the guidance of Members, who are free to agree different appropriate wordings.
The model agreements LMA3113, LMA3114 and LMA3115 may continue to be used for contracts with a period of up to a maximum of 18 months.
A Multi-Year contract FAQs document has been created which can be found below:
On 4 November 2015 Lloyd's held a market presentation town hall introducing multi-year binders. This is to enable with effect from the 2016 year of account, Managing Agents may enter into binding authority agreements of up to 36 months ('multi-year binding authorities').