Lloyd’s of London is wasting no time in getting ready for 2019 and what the UK’s divorce from the European Union will bring.
Its Brussels subsidiary, which received licence approval from the National Bank of Belgium back in May, now has a new suite of policy documentation to support its underwriting of risks from the European Economic Area (EEA). The documents include generic coverholder certificates and open market policies, ancillary clauses, and complaints notices.
Country-specific variations are also available. Meanwhile translations of certain documents will be published as well.
Found under the Lloyd’s Brussels section of the Lloyd’s Wordings Repository, the documents were prepared by the wordings team of the Lloyd’s Market Association (LMA), with close coordination with the Brexit and regulatory affairs teams at Lloyd’s.
“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,” commented LMA head of wordings Alison Colver.
Lloyd’s Brussels, formally known as Lloyd’s Insurance Company SA, will underwrite non-life insurance and facultative reinsurance risks located in EEA countries starting January 01.