With the intention of improving the servicing of energy claims within the London market, the new terms of engagement will bring increased transparency to the claims process and with it, the potential for more efficient claims handling. The 2010 version of the terms includes various additional clauses which will benefit both insurers and loss adjusters.
Commenting on the new terms of engagement, Richard Foulger, Head of Claims for AEGIS London and Chair of the LMA Energy Claims Group, said: “The original draft of the ‘Lillehammer Terms of Engagement for Energy Loss Adjusters’ was introduced in 2004 to help improve the claims experience in the offshore energy sector.
“While not mandatory, the original terms of engagement have been successful in helping to enhance claims standards. 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.”
“Ultimately the insurance buyers in the offshore energy sector, for whom a claim is the ultimate demonstration of the quality of their insurance product, should benefit through a better claims experience.”
Geoff Jones, Property & Energy Claims Manager at Catlin Underwriting Agency and Deputy Chair of the LMA Energy Claims Group added: “We think that the revised document provides greater clarity of the respective roles in the claims handling process. This in turn should lead to a product that is to the mutual benefit of all parties.”
Source : LMA Press Release
