Lloyd's Market Association Bulletin

LMA15-045-LE  |  07 September 2015
           

September Release Update – Uber Precautionary Claims (Lloyd’s Only) 

The Electronic Claim File User Group (ECFUG) wish to provide the Lloyd’s market with an overview of the 'Uber' Precautionary (outstanding qualifier) change that will be implemented within the 27 September release. This change impacts Lloyd’s carriers, Brokers and VCS suppliers only.
 
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What is an 'Uber' Precautionary?
'Uber' Precautionary: a notification of a claim or incident (or similar) to Insurers/Reinsurers via ECF or a paper file, which, in the opinion of the Claim Agreement Party(ies), and based on the information known, is highly unlikely to impact or result in a payment or reserve to the insurance/reinsurance contract to which it is being notified.

Purpose
The objective of the new 'Uber' Precautionary code is to identify those claims as defined above by allocating them with a new 'U' outstanding qualifier code. This will enable Lloyd’s Carriers to identify the claims population of 'Uber' Precautionary advices which will lead to: 

  • greater transparency of the overall claims frequency of policies
  • greater accuracy on true static claim count and the removal of all 'Uber' claims from static volumes
  • potential early purging of 'Uber' Precautionary claims
  • cut down the amount of subsequent advices added by the broker until a material change to the claim.

If you have any questions, please contact Lee Elliston: lee.elliston@lmalloyds.com / 020 7327 8340.
 

Lee Elliston
Senior Executive, Claims

 

 

 

Uber Update
(Adobe PDF File)