Media Release 10.7.12
IUA LAUNCHES NEW LONDON MARKET CLAUSES DATABASE
A new database of London market insurance and reinsurance clauses has been launched by the International Underwriting Association.
The website at www.iuaclauses.com and www.iuaclauses.co.uk contains all market clauses and wordings published by the association in all classes of business.
Documents are free to download and the database also includes various explanatory notes and background papers that can be used in conjunction with the clauses.
Julia Collins, Chair of the IUA Clauses Committee, said: “The new IUA clauses database is a comprehensive resource that collects all market wordings issued by the London company market over many years.
“These documents are widely used across the market by underwriters and are particularly useful in assisting new entrants into the sector and thereby promoting competition.”
The published clauses have been grouped into three main business classes: aviation, marine and property and casualty.
For marine business the database incorporates market clauses issued in association with the Lloyd’s Market Association through London’s joint marine underwriting committees.
Property and casualty wordings are further divided into sections covering casualty, contingency, professional liability and property. There are also a number of documents relating to undefined or multiple classes of business.
New updates will be added to the database with a series of legal papers highlighting latest developments that may influence how different wordings are used and interpreted. These will be provided by Ince & Co.
The IUA Clauses Sub-Committee meets regularly to discuss issues raised by the association’s underwriting committees and consider modification to existing clauses and the production of new wordings.
All new clauses published by the IUA will be posted on the new database.
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Head of Communications
International Underwriting Association
Tel: +44 (0)207 617 4449
Mobile: 07876 758 637
Notes to Editors:
About the IUA
The International Underwriting Association of London (IUA) is the world's largest representative organisation for international and wholesale insurance and reinsurance companies. It exists to promote and enhance the business environment for such companies operating in or through London.
The IUA’s London Company Market Statistics Report shows that premium income for the company market in 2010 was £12.6bn net of commission or £16.4bn gross written premium. These results are based on a comprehensive survey of 57 companies.