Binding Authorities – Singleton Binders

It has come to our attention that the market is encountering difficulties with the processing of singleton Binding Authority claims.

Under the new services implemented by XCS, all bordereaux presentations are being processed through the Technical Accounting (TA) service which involves presentation of individual claims files for agreement with the relevant bordereau. As a result, this is leading to additional work and effort which is having an adverse impact on turnaround times.

To remedy this scenario it has been agreed that going forward Managing Agents on Singleton Binding Authorities or 100% consortium will, unless stated otherwise,  waive the necessity for the  production of files when the bordereau is presented to XCS.

Managing Agents can stipulate on the bordereau that they do require files to be produced to XCS with the bordereau.

Should you require further clarification to the above please contact Jonathan Webster at jonathan.webster@lmalloyds.com or on 020 7327 8385.

 

Jonathan Webster
Senior Executive - Claims


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LMA Bulletin

Date: 24 April 2009

From: Senior Executive - Claims

Ref: LMA09-013-JW