Lloyd's Model Generic Certificate
Whilst there are a number of model (NMA/LMA) Lloyd’s certificates and policy jackets in existence, it has been suggested that some may have become outdated and/or no longer meet with current regulatory requirements. Therefore, in conjunction with the Lloyd's legal team and the Lloyd’s delegated underwriting team, the LMA has carried out a project to review and update the model certificates/jackets used for the production of contract documentation under a Binding Authority.
As a first step in this process, the LMA has developed a new generic certificate (comprising a separate jacket and schedule). The approach we have adopted is to produce:
The LMA has therefore published the following model wordings which are now available on the Lloyd's Wordings Repository (LWR):
- an updated generic certificate jacket
- separate updated generic certificate schedule
- guidance for the use of the generic certificate (jacket and schedule).
LMA3136J Lloyd’s Generic Certificate Jacket
LMA3136S Lloyd’s Generic Certificate Schedule
LMA3136(GuidanceNotes) Lloyd’s Generic Certificate Guidance Notes
Whilst model clauses/conditions are purely illustrative and established and distributed for the guidance of members who may agree different condition, in this case, the model wordings have been prepared specifically to support coverholders in the preparation of contract documentation that contains the information mandated by Lloyd’s requirements, complies with the terms of the binding authority (section 20 of the model Binding Authority Agreement) and any local requirements for insurance documents.
The intention is for the LMA project group to continue with the project to update all the territory specific versions, using the generic certificate as a basis, in accordance with an agreed priority listing.
Any queries on the above should be addressed to:
Alison Colver at the LMA on 020 7327 8370 or by email at email@example.com
Lindsey Davies, Lloyd’s delegated underwriting team at Lindsey.firstname.lastname@example.org