DARE 3 – Computable Binding Authority Agreement (CBAA) Phase 1 Deep Dive

Join us for this insightful session regarding DARE, an LMA initiative that kicked off in 2021 to completely re-imagine DA in the Lloyd’s and London Market. Development of a Computable Binding Authority Agreement is the first step in realising the DARE Vision of a digital DA marketplace. The CBAA project received funding from the LMA Board and kicked off in September 2023. The current project focus is re-drafting and re-structuring (into a set of 15 modules) the current suite of BAA wordings to develop a single model wording that can be used interchangeably between and across markets, classes and territories. This briefing will provide detail on some of the key principles and changes proposed for the first phase modules, Scope of Authority, Claims and Evidence of Policies Issued and an opportunity to give us your feedback in this early stage of development.

Timeline

MGAA Deep Dive on Design Approach for Modules 5/7/8 (1st May)
2nd Draft of Modules 5/7/8 to be completed by Axiome (30th July)
Market Consultation for Modules 5/7/8 (8th August – 12th September) – this is the period across which the market will have access to the 2nd draft of the modules and will be able to review and provide feedback
Market Consultation for Modules 1/2/3/6/9/10/11 (18th September – 2nd October)
Market Consultation for Modules 4/12/13/14/15 (7th October – 1st November)
3rd & Final Draft of All Modules Complete (December 2024)
External Legal Review of Full Contract & Publication (Q1 2025)

Learning Objectives

At the end of this session, delegates will be able to:
Describe the basic data concepts that have been applied in the CBAA re-design.
Explain the key changes proposed for the first phase modules
Explain the realities and best approaches to broker engagement and adoption
Outline the key project phases and target timelines