The LMA is the representative body for underwriting businesses at Lloyd’s and its mission is to provide professional, technical support to the Lloyd’s underwriting community. The ‘Wordings Forum’ was established to support the LMA's Non-Marine Committee in its responsibility for approving LMA wordings. Since 2008, the 'Wordings Forum' has been structured into two Groups:
- a 'Steering Group' (which meets monthly), comprising a core number of Wordings Managers representative of some of the LMA’s Member organisations; and
- a 'Principals Group' (which meets five times per annum), created from a 'database' of wordings/technical specialists who can be called on for their specific areas of expertise.
The Wordings Forum reports on a monthly basis to the Non Marine Committee (NMC) and provides a list of wordings in production. The Wordings Forum also refers policy wordings/clauses which have been drafted by, or received input from, the Forum to the NMC for approval.
Once approved by the NMC, new model wordings and clauses are released to the market via the LMA and these documents are made available for market use via publication on the Lloyd's Wordings Repository.
It should be noted that all wordings and clauses published by the LMA are purely illustrative and established and distributed for the guidance of the LMA’s Members, who are free to amend and/or agree different conditions.
A list of wordings published by the LMA during the year is available on the LMA’s website and it is possible for visitors to the website to register to receive monthly updates of new wordings which have been released.
All wordings issued by the Wordings & Contracts Forum are added to the Lloyd's Wordings Repository (LWR). All Managing Agents have access to the Lloyd's Wordings Repository, providing underwriters with access to model wordings and clauses 'in current use', in all lines of business, against which slips can be referenced. The LWR includes all wordings developed by the LMA and a selection of wordings developed by other industry organisations, as well as many wordings from individual Managing Agents, other insurers and brokers. The LWR also provides Managing Agents with access to ISO wordings and a link to the BRMA website.