Worldwide Property Business Panel

The Worldwide Property Business Panel exists to represent and promote the interests of the writers of open-market Property business within the Lloyd’s market. Created in 2010 as a result of the merger of the previous US and International Property Panels, the Panel’s territorial scope encompasses the whole world other than the UK (see UK Property Panel). Click here for a list of current Panel members and the Business Panel Terms of Reference.

Role of the Panel

Broadly the role of the Worldwide Property Panel is to:

• Identify issues considered to be of interest or concern to LMA Members, for discussion within the Panel and/or referral as appropriate to the relevant LMA Committee and/or the LMA Executive
• Respond to requests from the Non-Marine Committee (NMC), the LMA Executive and other LMA Committees and Groups for advice and recommendations on issues
• Liaise with the NMC to develop or revise policy wordings or clauses for adoption as LMA accredited wordings, establishing working groups as necessary to undertake this work
• Liaise with the NMC to undertake other technical activities, establishing working groups as necessary
• Provide a forum for exchange of views and information between market practitioners

Wordings

The LMA issues model wordings from time to time. These wordings are purely illustrative and established and distributed for the guidance of Members, who are free to agree different conditions.

Recently issued wordings that may be of interest to the LMA Membership writing Property Business are listed below:

LMA5393 Communicable Disease Endorsement (for use on property policies)

These wordings are all available on the Lloyd's Wordings Repository.

All managing agents have access to the Lloyd's Wordings Repository, providing underwriters with access to established model wordings and clauses in current use in all lines of business, against which slips can be referenced. The Repository includes all wordings developed by the LMA and other industry organisations, as well as many wordings from individual managing agents, other insurers and brokers.