Lloyd’s has published a new suite of policy documentation to support the underwriting of risks from the European Economic Area (EEA) by its new post-Brexit subsidiary, Lloyd’s Brussels, which is due to commence business on 1 January 2019.
The new documents were prepared by the Lloyd’s Market Association’s (LMA) wordings team, working closely with the Lloyd’s Brexit and regulatory affairs teams.
Lloyd’s Insurance Company SA, the new Brussels-based insurance company, was granted licence approval by the National Bank of Belgium in May 2018 to begin underwriting insurance and facultative reinsurance risks for countries in the EEA.
The policy documentation for Lloyd’s Brussels includes generic coverholder certificates and open market policies with country-specific variations, ancillary clauses such as service of suit, language declaration clause and data protection/privacy notices, and complaints notices for individual countries.
Alison Colver, head of wordings for the LMA, commented: “We are pleased that, through the collaborative efforts and hard work of the respective teams at LMA and Lloyd’s, we have been able to prepare and publish these documents, ahead of January renewals, and of course, Brexit.”
