Single Claims Agreement Party (SCAP) was established as a collaborative cross-market initiative which seeks to streamline and simplify the London market claims agreement model for the benefit of our customers, and to improve and reinforce the attractiveness of the London market.
It is intended to promote a quick and efficient claims agreement process for cross-market, non-complex claims which have a value of £250,000 or below (or currency equivalent) arising from open market placements.
SCAP is a contractual arrangement which is achieved through the incorporation of a LMA model clause into the Market Reform Contract (MRC). SCAP provides for the delegation of sole claims handling responsibility for in-scope claims to the Slip Leader by the following insurers that have subscribed to the arrangements. For the purposes of SCAP the Slip Leader must be a UK authorised insurer or a Lloyd’s syndicate.
The adoption of SCAP is optional for both brokers and insurers, and the decision whether to follow SCAP is to be decided on a risk by risk basis.
The latest version of the MRC (Open Market) Implementation Guide (Version 1.8) has been updated to support the implementation of SCAP and can be found within the Placing Documentation section of the website.
Full Press Release here
Full story here
Read the full press release here
Get event updates sent to your inbox