This MRCE guidance has been agreed with the Market Associations on behalf of the London Market Group (LMG) to define the endorsement process and support changes to an MRC. This guidance should be read in conjunction with the “MRCE Data Dictionary” and the “Contract Certainty Code of Practice”.
The introduction of a standard for the documentation of contract changes has delivered value to the London Market by providing a standard form for contract changes that is consistent with the Market Reform Contract standard. It offers a clear structure and means by which brokers present contract changes in a consistent manner. This in turn adds clarity to the broker/underwriter discussion and thus enhances the efficiency of the contract change process.
The guidance documents are available below.
- Alison Colver
- Lloyd's Market Association (LMA)
- 020 7327 8370