Introduction to the role
What is the difference between war and armed conflict? Did an error cause a system failure, or was it a cyber-attack? How, when and where should an insured asset be valued? The answers to these questions could be critical in determining whether losses arising from an event are insured or not; it will depend on the language used in insurance policies.
The Lloyd's Market Association (LMA) has a wordings vacancy within its Underwriting Team, reporting to the Head of Technical Underwriting. The LMA supports the Lloyd's market by producing over 100 model wordings per year, across a huge range of subject areas, including cyber, terrorism & political violence, property, energy, casualty and specialty products.
Working with underwriters, lawyers and the LMA's team of market professionals, the successful candidate will use their expertise in analysing, researching, editing and drafting wordings through their participation in market projects to review and produce model wordings.
The LMA does not operate directly within a live underwriting environment. The wordings team focusses on project-based work, reviewing and developing LMA model wordings, providing guidance, identifying and drafting coverage options. There is an opportunity to perform a role that has real breadth and complexity and may feel less formulaic than routine wordings work directly for an insurer or broker.
This unique position provides scope to work across all major lines of business written at Lloyd's, producing high-quality model wordings that can have a significant impact at market level.
The team works on a wide range of wordings projects, including products designed for consumers/small businesses as well as commercial insurance and reinsurance. Products currently under focus include cyber & AI, contingency and renewable energy.
Recent projects include a new War, Confiscation, Riot and Terrorism Exclusion, updates to cyber endorsements for Terrorism & Political Violence, sanctions clauses and US commercial equine insurance.
Job Purpose
The Executive, Technical Underwriting, will be responsible for representing and promoting the interests of the LMA members and other key stakeholders across the underwriting team's key activities and other business areas as required, focussed on wordings production and review; a key function of the LMA's Underwriting team.
Key Accountabilities
To provide technical support to the LMA committees/business panels/working groups (which will include attendance at some of the underwriting committees), focussing on the drafting and review of LMA model wordings and providing guidance, identifying and promoting drafting and coverage solutions and ensuring effective execution of actions.
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To provide effective support to the LMA Wordings Committee & Wordings Forum:
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Providing technical support re the drafting of LMA model wordings;
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Arranging/administering meetings of the Wordings Committee and associated Working Groups;
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Responding to technical enquiries from Members (and others) in a timely and appropriate manner;
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Undertaking specific Market and/or internal LMA projects and research work as required;
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Providing technical support for the Lloyd's Wordings Repository, including the wordings held on the LWR.
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Represent the LMA at meetings and on external groups in such a way as to promote the policies and reputation of the LMA and in the interests of its Members.
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Listen to and demonstrate understanding of our Members views, building on this to identify solutions, influence outcomes and develop consensus.
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Maintain current knowledge of initiatives and developments within the LMA, Corporation of Lloyd's and other key areas of the Market. Seek opportunities to support and promote projects internally and externally to the advantage of the LMA Membership.
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Communicate confidently and effectively to LMA Members, and other key stakeholders, giving guidance on initiatives and developments and ensuring that the LMA's reputation for expertise and as a recognised partner in the Wordings arena is reinforced.
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Assist with the promotion of the LMA, its brand, and the key wordings activities that it is leading or supporting, identifying PR opportunities (providing input into newsletters, press releases, board reports and the LMA website) and present to colleagues, members and others.
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Finally, and in addition to the above key accountabilities, you may be required to undertake other duties from time to time as the LMA may reasonably require.
General skills/Qualities
Versatile and inquisitive with a real interest in language, grammar and the meaning of words.
Sharp eye for detail and able to review and suggest corrections to wordings documents. Facility to understand potentially complex scenarios and find wording solutions.
Willing to help junior members within the team, particularly those completing our Legal Trainee Wordings Scheme.
Experience
Desirable: Demonstrable relevant wordings experience, ideally having been gained within an insurance company or Lloyd's syndicate/Managing Agent or an organisation dealing with such.
Essential: Some experience of insurance or legal work, ideally with an understanding of Contract Law and how it relates to Insurance contracts and knowledge of UK regulation within the insurance industry.
Candidates looking to transition to wordings with backgrounds in claims, legal or underwriting will be considered.