Personally I have always enjoyed a disinfectant daquiri, so its no wonder I haven’t got Covid-19
Part VII heaven
A host of things to tell you about on everyone’s favourite subject. It is just too exciting.
Firstly, an apology. From Lloyd’s. It sent out the attached letters to coverholders this week without telling us or you. Now I know what you are thinking: “that is what they always do and then we tell them not to and then they do the exact same thing again”. And you would be right. But at least this time it was apparently a mistake and the person responsible been very decent about it and has phoned up to apologise. So I think we will let them off this time. And you have the letters now.
This happened after we had already been asked to tell you the following.
- A warm up email to selected brokers was sent this week regarding the Match and Attach process.
- As of April 27, selected brokers will be receiving three emails that require their action in order to start the Match and Attach process. Please note these emails will not be coming from standard Lloyd’s email addresses.
- We have identified a small number of brokers with outstanding contact details and are in the process of obtaining them. We may come to you if we have further difficulties as discussed.
- Warm up emails to introduce Part VII to Coverholders in the EEA and UK A are being sent out this week.
- The team is working on the Coverholder guide and will be sending it for feedback no later than April 27
Jackie then queried the highlighted bit and we got the following, very special, answer
Thank you for your email. Not all brokers will be required to execute a Match and Attach exercise (isn’t that the sort of thing that happens on Tinder?), only those Brokers who, from the list of in-scope transferring policies hold the majority (c.80%) of the qualifying policyholders (Ahh. I see). All other Lloyd’s brokers, and retail brokers where they have been identified as owing the policyholder relationship (I suspect they mean owning, unless something pretty kinky has been going on), they will need to follow the Notification Instructions process (these instructions will be sent out in May).
This is also included on page 7 of the FAQ document (crikey, how many pages are there??) in case you receive queries from Brokers.
Don’t try and pretend you didn’t love all that
More news from the virtual Lime St. An extract from an email LMA has sent to TPA’s (nice to see the A family maintaining contact during lockdown) as follows.
Secondly, I just want to make sure you are all aware of the markets expectation regarding bordereau submission. The requirement here is for separate loss runs/bordereaux for Covid-19 losses, so that in addition to the regular claims bordereau, you also submit a second bordereau for Covid-19 losses (i.e. those you have been coding as CORO). This will allow the market greater visibility on exposure.
Pret a Danger
News that the world’s most ubiquitous sanger and coffee emporiums are on the ropes. Facing the prospect of being latte on their rental payments, Pret a Manger have gone cappuccino in hand to the banks. After all, it would be a shame if they went from flat white to flat broke in a matter of weeks. Let us hope the moneylenders do not say america-no.
But whatever the outcome, we do need to face the prospect that, once we return from lockdown, there may only be as few as seven purveyors of creamy tuna and cucumber baguettes within a 10 metre radius of our offices rather than the standard 15. Will we cope?
Michel Oh bummer
Remember Brexit? Still going on apparently. Although, to be fair, it could be a repeat. Yes, it must be. I have definitely seen this one before.
Michel Barnier has today rounded up the latest round of negotiations over our future relationship with EU by criticising UK team for being inflexible. Again. He really needs a new scriptwriter. But, regardless of the tedium, these do not sound like talks that are going to produce much of an outcome by the end of the year. Which means they are even less likely to reveal some ingenious new approach to market access for insurance intermediaries. So crack on with those reverse branches.
And I thought you liked me
They say it takes a crisis to find out who your friends truly are. And that is definitely going to be the case if Nicola Sturgeon goes through with her plans for extended bubbles. Because what happens if you ring Mike and invite him to join your bubble, but Mike says he can’t because he has already agreed to join Dave’s bubble. And you didn’t even know Dave had a bubble let alone that he was inviting people into it because he certainly didn’t invite you when you spoke to him half an hour ago. You would be crushed. This is only going to end in tears. It worse then divvying up your friends when you split up with someone.
Also, my friend Linus is a bubble. So how is that going to work?
Meanies world cup
As it is a Friday, I thought we would have a bit of a contest. And so I bring you the final of the not entering into the spirit of it world cup. Votes please for which of the following is further from the zeitgeist.
In reality the run away winner is one of our neighbours who said: “have you heard this new Michael Ball single? It’s terrible. There is someone mumbling along in the background”. And tbf, I have some sympathy for the JSP position. My friend Degsy (who is really called Andy) is a knee surgeon. They are only doing emergency operations at the moment and so he is spending significant amounts of time twiddling his thumbs. And yet he still insisted we clap him when we met for a virtual pint on Sunday.
Have good weekends. I am off to eat some dishwasher salt. Donald says it is good for you.