Lloyd's Market Association Bulletin
LMA21-013-IR | 24 March 2021
Key Equipment questionnaires to support the information gathering process on Power Generation accounts
The Joint Power Generation Committee (JPGC) in co-operation with the European Power Committee (EPC) have developed a set of key equipment questionnaires to support the information gathering process on Power Generation accounts.
Gas Turbine Questionnaire
Steam Turbine Questionnaire
These questionnaires aim to offer guidance to clients, brokers and engineers on what key information insurers are looking for and to provide a benchmark for the level of information required to underwrite the risk. The questionnaires can be used alongside the survey report, as pre-survey questionnaires, or where surveys haven’t been carried out during the policy period a questionnaire can be completed to form part of the underwriting submission. They can also help guide the engineering discussions when surveys are being conducted on site and/or remotely.
The JPGC and EPC Committees aim to achieve the following by introducing these questionnaires:
- Enhanced ability for insurers to differentiate between insureds and reward the better risks
- Providing brokers and clients with a benchmark in respect of risk information requirements
- Greater ability to identify and address risks (for insureds and insurers)
- Greater transparency and consistency during the risk assessment stage
- Sharing of knowledge and best practices across the industry
- Long term positive impact on the industry by making it easier to identify and address loss trends
The decision to focus on Gas Turbines, Steam Turbines, Transformers and Generators at this time is based on recent loss trend analysis. Further key equipment questionnaires may follow if there is demand.
These questionnaires together with the Glossary of Abbreviations are published on the LMA and IUA websites and are available to all insurers, brokers, engineers, and other interested parties to use as they see fit.
Senior Technical Executive, Underwriting