Lloyd’s, in association with the Lloyd’s Market Association (LMA), has launched a new, improved wordings repository.
The Lloyd’s Wordings Repository (LWR), is an online searchable database, with the platform provided by ISO, of almost 6,000 model policy wordings and clauses that are regularly used within the London market, such as LMA/NMA and selected LSW references.
The new database, available at www.lloydswordings.com, contains several new more intuitive features that improve the user experience through advanced technology.
These include a powerful search engine with advanced filters for fast identification of clauses and wordings relevant to specific classes. The new repository also has an improved user interface and a simple way to search and export result data.
In addition, ISO forms remain available to Lloyd’s managing agents through the repository.
The LWR is distinct from other market databases because the focus is on a repository of current/contemporary wordings, rather than an archive of historic wordings.
Leslie Edmonds, Lloyd’s senior manager, performance management, said: “The new repository makes it much easier for underwriters to a look up and use model wordings reducing time and costs, and improving efficiency. This is also good news for our customers who can be sure Lloyd’s wordings are delivered in a clear and consistent manner.”
LMA’s Head of Contract Wordings, Alison Colver, commented: “The LMA is delighted that, following close cooperation with ISO, we have been able to deliver the ‘Google-type’ search facility our members and the market have been crying out for.”
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