Risk bordereaux are reports listing all the risks that have been written in a given time period, usually a month, which the coverholder creates to keep the managing agents and brokers up to date with the business they have written.

Coverholders were keen on having a standard way of reporting risks they’d written. Managing agents and brokers were keen on getting standard data in a standard format so that they could more easily manage risks and wouldn’t need to spend so much time cleaning and reformatting data.

Late last year, the ACORD standard ER3001 was created. This is the ACORD Exposure Reporting Binder Standard. 

The first application is to US coverholders reporting property risks. The format’s an Excel spreadsheet template, which is easy to create.

And as this standard isn’t peculiar to Lloyd’s—it’s an ACORD standard—people can use it when they’re doing business in the Lloyd’s market or outside it.

The standard was designed by Lloyd’s managing agents and brokers with support from Lloyd’s and ACORD so it’ll include the kind of information that people actually need.

But creating a standard template was only the first step. The focus now is on applying the standard.

The good news is that the standard has already been included in some binder contracts and it’s expected that the next renewal season will see it more commonly used.

Some submissions have already been received in the format. As system vendors start to implement standard functionality it will become easier for more and more data to be produced in the standard format.

AIR has just announced the implementation of an import facility for data in the standard format. That means data can now be imported into their catastrophe modelling tools (which is the end point for much data).

So, if your business has anything to do with US Property it’s probably time you took action too.

Go to www.lloyds.com/acord for more information

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