| Contract Documentation Q&A |
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Contract Documentation Q&A 1 What is the Insurer Contract Documentation? What the insurer decides / agrees can be used for that purpose. This may be a complete copy of the MRC, a 'client copy' of the MRC (see definition below), an insurer's own policy, a bureau signed policy (Lloyd's or Company version) or a certificate of insurance. 2 How can an insurer that produces its own contract documentation to maintain branding, make reference to other syndicates? Lloyd's syndicates can produce a branded policy in respect of their own participation, but not in respect of other syndicates. The Lloyd's policy option would set out all syndicates' participations, if required. 3 What is the status of certificates of insurance signed by brokers on behalf of insurers (eg cargo certificates)? Are these insurer authorised? Yes and these can be referenced in MRC. 4. How can a Lloyd's follower get a policy where the leader has elected to use the MRC as an evidence of cover? They can produce a separate policy, solely in respect of their own participation, where necessary; or they could opt to write their line on a separate MRC, on which they would be the Leader. 5. Can a certificato, issued by Lloyd's Milan, be referenced within Insurer Contract Documentation (as well as contract document)? Yes. 6. Even if a policy is to be produced can we not state that the MRC is the contract document? The intention of this contract heading is to define the ultimate insurer contract documentation. The statement "XIS to sign Lloyd's Policy" is silent on the status of the slip/contract in the interim, or in the period after a policy has been issued. 7. Does Terrorism Risk Insurance Act documentation have to be attached to the MRC? As for other standard wordings, these can be referenced rather than attached to the MRC - providing the full wording is available to the underwriter & insured. |