The Lloyd’s Claims Scheme, which is mandated for all syndicates, is designed to streamline the claims agreement process for claims at Lloyd’s by ensuring that each claim is determined on behalf of all the participating syndicates by either a single Lloyd’s lead managing agent or, for more complex claims, jointly by a Lloyd’s lead and second Lloyd’s lead.
Following extensive engagement with the market during 2022, we are now proposing to make a number of changes to the existing Claims Scheme, which we also intend to rename as the ‘Lloyd’s Claims Lead Arrangements’.
The proposed Claims Scheme changes are designed to support the ongoing modernisation of the market.
Although these proposals have been developed in conjunction with relevant market groups, we want to ensure all market participants have an opportunity to comment before the proposals are implemented on 1 June 2023.
The changes we are making are explained in our consultation document. We are also providing a version of the current Claims Scheme, highlighted to show the amendments we intend to make. We also invite comments on a new guidance document we intend to publish. This provides guidance on the Claims Scheme and prescribes a number of additional requirements, as provided for in the Claims Scheme.