LMA revises energy loss adjusters’ terms
by Gill Montia
Story link: LMA revises energy loss adjusters’ terms
The Lloyd’s Market Association’s (LMA) Energy Claims Group has presented revamped “Terms of Engagement for Energy Loss Adjusters” at this year’s Lillehammer Energy Claims Conference.
Aimed at improving the servicing of energy claims within the London market, the new terms should bring increased transparency to the claims process and enhance the potential for more efficient claims handling.
LMA chair and head of claims for AEGIS London, Richard Foulger, says: “While not mandatory, the original terms of engagement have been successful in helping to enhance claims standards.”
He adds: “The redrafted terms will bring more clarity to the loss adjuster’s role which, in turn, will give underwriters an opportunity to improve the claims process further.”
According to Geoff Jones, LMA deputy chair and property & energy claims manager at Catlin Underwriting, the revisions bring greater clarity to roles in the claims handling process and should benefit all parties.