Lloyd's Market Association (LMA) has launched a new initiative, Non-moving Claims Service, to address the non-moving claims issue, and urged its managing agents to sign up for the service.
LMA said that the Non-moving Claims Service, operated by Charles Taylor Insurance Services (CTIS), will handle all non-moving claims and Xchanging Claims Services (XCS) will handle all the binding authority claims.
The non-moving (or static) claims, where a claim has been notified but no further communication has been received for over 12 months, can led to the market requesting the LMA’s Claims Committee (LMACC) to review alternative options for dealing with these claims.
LMA Head of Claims Tim Willcock said this service will be a significant step forward for the market in addressing non-moving claims. While it does not prevent claims from becoming static, it identifies those claims which are deemed to be static and provides an effective outsource option for managing agents.
"The service is elective and so provides choice for managing agents in how they meet the standards set by the Corporation of Lloyd’s. Choice is a central principle in the Lloyd’s Claims Transformation Programme," Willcock said.
CTIS and XCS will obtain files and then update claims on behalf of participants providing the claims fall within agreed parameters. Cases falling outside these will be referred back to the lead syndicate.