Issue 70
October 2006
Helpline: +44 (0)1634 88 7654
E mail:
MWD is now on the web … MWL has arrived
The new version of the Market Wordings Database (MWD) was launched in July 2006 and has already been rolled out tomany users. The new version has been re-named as the MODEL WORDINGS LIBRARY (MWL).
If you have any enquiries please call our Helpline on + 44 (0)1634 88 7654
MWL …..Did you know?
MWL is probably the most comprehensive database of insurance documentation in the world for organisations doing business in the London market
MWL is the London market’s own database ….Created by the Market…. For the Market
We house over 13000 wordings, clauses, policy forms and the like, growing at an overall average rate of 1000 new documents per annum
Our database provides an unmatched and totally unique trusted source of individually crafted wordings, clauses and the like, produced by the market over a number of years
MWL is managed via strict audit controls, but recognises the need for the London market to be competitive and individual in its drafting of wordings. We operate with the utmost respect for intellectual property rights and security of content
Over the last 18 months the average rate of submission of new wordings, drafted by skilled market practitioners, has trebled due the effects the Contract Certainty initiative and the market’s keenness to use the database as a secure central store for its templates
Content is supplied directly by the London market associations, individual London market insurance practitioners, and some overseas associations and practitioners
Bespoke wordings can be submitted to the database with rights of access set by the wording creator. This gives the optional facility to make customers’ own wordings easily available to their selected business contacts; thus ensuring security of viewing rights
We provide the only interactive wordings helpline in the London market
We have more than 1700 users in over 250 organisations
Users of the service are Lloyd’s managing agencies, insurance companies, insurance brokers, law firms and loss adjusters
Access is global – we have customers in 30 countries
We have a 13 year pedigree of handling the storage and distribution of electronic wordings data
Access is on a user pays basis and the base licence fees have not been increased for 3 years
Our charging structure suits the pockets of both large and small organisations
The service supports the production of slips, cover notes, certificates, policies and other insuring documentation and provides a uniformly high standard style and format
The database facilitates the creation of new documentation by drawing on a diversity of existing material, and provides an invaluable source of forensic documentation as well as newly released templates
MWL provides the database to support the Xchanging policy preparation service and Wording Registration Scheme (formerly operated by the LPSO). It has been supplying such facilities since the early 1980’s
In 2001 we won an Insurance Day Award for our contribution to the London market
Release 2 of MWL, will provide a third party interface option to allow direct access to the database and MWL functions via your own in house systems.
Wording references used in the MWD and MWL
Wording Type / Prefix / Number allocated by / Example ReferenceWordings registered on behalf of a broker / Broker's number / MWL / All registered broker wordings start with the broker's number, then the broker's pseudonym then up to five numbers eg 123ABC00001
Wordings registered on behalf of a Lloyd's underwriter / Underwriter's syndicate number / MWL / All registered underwriter wordings start with the underwriter's syndicate number, then the underwriter's pseudonym then up to five numbers eg 123ABC00001
Insurance company wordings / Company name / MWL / All company wordings start with the company name then up to six numbers eg INSRE000001
Lloyd’s Market Association - Non-Marine / NMA/LMA / LMA / NMA followed by a number eg NMA2626
Lloyd’s Market Association - Aviation / AVN / LMA / AVN followed by a number eg AVN4
Brokers & Reinsurance Markets Association (USA) / BRMA / BRMA / BRMA followed by a number and a letter eg BRMA61A
Marine Institute and London Underwriter Clauses / CL / IUA/LMA / CL followed by a number eg CL348
International Underwriting Association / IUA / IUA / IUA followed by a dash, a letter and a number eg IUA-P189
Joint Hull Clauses / JH / IUA/LMA / JH followed by a number eg JH722
Joint Cargo Clauses / JC / IUA/LMA / JC followed by a number eg JC97/077
Joint Excess Loss Committee / XL / IUA/LMA / XL followed by alpha characters eg XLEDRA
Joint Rig & Associated Business Committee / JR / IUA/LMA / JRC followed by alpha characters eg JRCEDR
London Special Wording / LSW / MWL / LSW followed by a number eg LSW703
Lloyd's Policy Office / LPO / MWL / LPO followed by a number eg LPO348
PROFORMA (Slip Proforma) / S/PROFORM / MWL / S/PROFORM followed by a two digit number eg S/PROFORM30
London Market Wording / LMW / Collaboration between the London market associations as appropriate / LMW followed by a number eg LMW0001 and details of sponsoring associations