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Achieving Contract Certainty

Achieving Contract Certainty. The purpose of these slides is to highlight the differences in processes required to implement and support Contract Certainty. The focus is on the changes, they do not attempt to fully document existing processes.

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Achieving Contract Certainty

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  1. Achieving Contract Certainty • The purpose of these slides is to highlight the differences in processes required to implement and support Contract Certainty. • The focus is on the changes, they do not attempt to fully document existing processes. • They represent the typical standard process likely to be followed by most market organisations. • There will be more Detailed Guidance published towards the end of 2005. • Each block of red text following highlights a key process change that will help achievement of the contract certainty requirements • .

  2. Achieving Contract Certainty, Current : Lloyd’s 5. XIS Stage 1, Accounting and closing 1. Quote 3. Place Firm Order 4. Determine signed lines 6. Contract check by XIS (Stage 2) 8. XIS Lloyd’s Policy signing (if required) 7. Broker sends Evidence of Cover to client 2. Broker & insurer check slip Process: always takes place Process: does not always take place

  3. Red text/line indicates change from current process Process: always takes place Process: does not always take place Achieving Contract Certainty, Proposed Process : Lloyd’s 5. XIS Stage 1, Accounting and closing Signed lines to underwriters within 30 days 1. Quote 3. Place Firm Order 4. Determine signed lines 6. Contract check by XIS (Stage 2) 8. XIS Lloyd’s Policy signing (if required) Single broker submission to XIS using CC checklist & Lloyds compliant submission - Checking 100% - QA Tool-based by inception ** CC achieved and recorded ** No post inception overplacing 7. Broker sends Evidence of Cover to client 2. Broker & insurer check slip Timing now within 30 days of inception with all terms & the full wording** Early Check using QA Tool & CC Checklist ** As per CC checklist

  4. Achieving Contract Certainty Current : Bureau Company 5. XIS Stage 1, Accounting and closing 6. Contract check by XIS (Stage 2) 8. XIS Lloyd’s Policy signing (if required) 1. Quote 3. Place Firm Order 4. Determine signed lines Bureau 7. Broker sends Evidence of Cover to client 2. Broker & insurer check slip Process: always takes place Process: does not always take place

  5. Red text/line indicates change from current process Process: always takes place Process: does not always take place Achieving Contract Certainty, Proposed Process : Bureau Company 5. XIS Stage 1, Accounting and closing Signed lines to underwriters within 30 days 6. Contract check by XIS (Stage 2) 8. XIS Lloyd’s Policy signing (if required) 1. Quote 3. Place Firm Order 4. Determine sign lines Single broker submission to XIS Bureau using CC checklist compliant submission by inception - Checking X% • Company • Bureau checks ** CC achieved and recorded ** No post inception overplacing 7. Broker sends Evidence of Cover to client 2. Broker & insurer check slip Timing now within 30 days of inception with all terms & the full wording** Early Check using internal * & CC Checklist * Company’s internal checking procedures ** As per CC checklist

  6. Achieving Contract Certainty Current : non Bureau Company 5. Accounting and closing 8. Company Policy production (if required) 1. Quote 3. Place Firm Order 4. Determine signed lines 7. Broker sends Evidence of Cover to client 2. Broker & insurer check slip Process: always takes place Process: does not always take place

  7. Red text/line indicates change from current process Process: always takes place Process: does not always take place Achieving Contract Certainty, Proposed Process : non Bureau Company 5. Accounting and closing Signed lines to underwriters within 30 days 8. Company Policy production (if required) 1. Quote 3. Place Firm Order 4. Determine sign lines using CC checklist compliant submission by inception ** CC achieved and recorded ** No post inception overplacing 7. Broker sends Evidence of Cover to client 2. Broker & insurer check slip Timing now within 30 days of inception with all terms & the full wording** Early Check using Checklist & internal procedures ** As per CC checklist

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