« The broker community is pleased that we can continue with the Single Claims Agreement as it will accelerate the settlement, agreement and payment of small to medium losses in connection with investments in the London subscription market for the benefit of clients, » said Christopher Croft, CEO of LIIBA. « The introduction of a single damages agreement option at the time of placement promises to make claims processing faster, cheaper and more efficient in London, » said David Matcham, IUF CEO. The Single Claims Agreement aims to « enable rapid and efficient authorization of claims, by allowing political leaders to agree on non-complex payments of up to £250,000 [$354,400] on behalf of the following airlines, » said a statement issued jointly by the London & International Insurance Brokers Association (LIIBA), Lloyd`s Market Association (LMA), the International Underwriting Association (IUA) and Lloyd`s. Participation in a single agreement is optional and is taken into account by brokers and airlines at the time of placement. Inga Beale, CEO of Lloyd`s, said: « In a competitive global industry, customers want and expect the London market to be easier to use. By ensuring that the most critical part of our business offering, complaint resolution, can be implemented in a simpler way, London can remain an attractive offering. The London market has implemented a simplified claims management system to improve customer service and streamline claims agreement across the London market. Under the current claims system, subsequent union members are already bound by the decision of Lloyd`s first sub-author for « standard » claims in a certain category of activity thresholds generally below £250,000. However, a final agreement template is not typical of the company`s market, the statement states, and each IUA carrier has agreement rights on the application on its part. The new individual debt agreement and associated model will allow London`s Slip-Lead to bind all trailers to risk if airlines accept the agreement and clause at the time of placement as a directive concept. Based on a first idea from LIIBA, this cooperation between LIIBA, LMA, IUA and Lloyd`s « will improve the claims service in London for reinsured persons, » the statement said. .