A new database of London market insurance and reinsurance clauses has been launched by the International Underwriting Association.
Julia Collins, Chair of the IUA Clauses Committee, said: “The new IUA clauses database is a comprehensive resource that collects all market wordings issued by the London company market over many years.
“These documents are widely used across the market by underwriters and are particularly useful in assisting new entrants into the sector and thereby promoting competition.”
The published clauses have been grouped into three main business classes: aviation, marine and property and casualty.
For marine business, the database incorporates market clauses issued in association with the Lloyd’s Market Association through London’s joint marine underwriting committees.
Property and casualty wordings are further divided into sections covering casualty, contingency, professional liability and property. There are also a number of documents relating to undefined or multiple classes of business.
New updates will be added to the database with a series of legal papers highlighting latest developments that may influence how different wordings are used and interpreted. These will be provided by Ince & Co.
The IUA Clauses Sub-Committee meets regularly to discuss issues raised by the association’s underwriting committees and consider modification to existing clauses and the production of new wordings.
Press release
© IUA - The International Underwriting Association of London Limited
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