Data is always good to have, especially when it comes to clauses in the policy T&Cs;
A new online library of model insurance and reinsurance clauses has been launched by the International Underwriting Association (IUA). The database contains all model clauses published by the association which are freely available to access and download.
It can be found as a key part of the IUA’s main website at iua.co.uk/clauses. The new library has an enhanced search functionality that easily allows users to search for words or phrases within the title or body any listed documents.
There are more than 1,000 items within the database, including various explanatory notes and background papers alongside the published clauses themselves. All content has been grouped into three main classes of business: aviation, marine and property and casualty. Within each class there are further sub-categories to make browsing the library more convenient.
The IUA operates a London company market Clauses Committee which is made up of senior wordings specialists from across the association’s member companies. It meets regularly to discuss issues raised by underwriting groups and review proposed new model clauses.
Tom Hughes, Senior Underwriting and Claims Executive and secretary to the Clauses Committee, said: “Model clauses are a vital resource for companies in the London Market. They are widely used across our industry and more are being added all the time as new coverage questions arise.
“Our documents provide a useful template that can be adopted and amended as required. They are particularly helpful for new entrants to the market and therefore promote competition.”
The IUA Clauses Committee also hosts regular workshops addressing fundamental questions relating to the drafting of insurance contracts. Member experts from the group explain how an effective insurance process is underpinned by clear and comprehensive policy wordings. Recordings of these events can be viewed in a dedicated playlist at the IUA’s YouTube channel (youtube.com/@iuaoflondon).
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