Y5313: Lloyd’s Europe – Changes to bulking lineslip processing

The operational model implemented when Lloyd’s Europe commenced operations in November 2018 did not permit the capturing of individual risk and premium information on risks bound under a bulking lineslip[1]. At the time, the market was informed it was Lloyd’s Europe intention to implement a more robust operational model that allowed capturing of individual risk and premium directly from the Managing Agent, in the future.

The submission channel to Lloyd’s Europe will be the Delegated Data Manager (DDM) market service managed by LIMOSS.

Further guidance will be added to this page in the coming weeks including Standard Operating Procedures for processing Bulking Lineslips. If you require further assistance or more detailed training support, please contact either:

Jamie Coughlan(Jamie.coughlan@lloyds.com) DDM Programme Manager.

Chris Rees (chris.rees@limoss.london) DDM Product Owner.

Dependent on demand, Lloyd’s/LIMOSS would be able to offer an online training session in the coming weeks to support firms with using the DDM.

Endorsement LMA5513 must be appended to the bulking line slip agreement*. A breakdown of the risk and paid premium data required is detailed within this endorsement can be found on the Lloyd's Wordings site.

There will be an extended submission allowance period for risks written under this bulking lineslip agreement that relate to the months of January to June 2021. These must be submitted fully approved within DDM within 30 days of the end of the month in which the risk was written. This extended submission period is to allow the parties involved in processing the information/data time to adjust to the new process. Thereafter, risks must be submitted fully approved into DDM within 15 days of the end of the month in which the risk was written.

Premiums paid under this bulking lineslip agreement must be submitted fully approved within DDM within 90 days of the end of the month in which the premium was paid.

The lead will be held accountable by Lloyd’s Europe for ensuring the submission of risk and premium data on DDM within the required timescale. However, subject to the agreement of the Broker, the submission of risk and premium reporting information can be delegated to the Broker within endorsement LMA5513, which must be appended to the Bulking Lineslip Agreement.

Where risk and premium data is being submitted by the Lead to DDM, the requisite data must be provided to the Lead by the Broker. Such arrangement should be recorded in the Additional Information section of the Bulking Lineslip agreement.

Bulking lineslip facilities cannot be used for Lloyd’s Europe where the Lead Managing Agent is unable to comply with this requirement and alternative methods of placements should be used.