Xchanging, the company which provides back office processing and support to the Lloyd’s and London company markets, has launched its Model Wordings Library (MWL). The MWL is London’s first comprehensive, web-enabled wordings repository and will enable insurers and brokers to access over 13,000 wordings, clause policy forms and schedules on line. It will replace its existing Model Wordings Database which is sent monthly to companies on a CD.

The new system will enable the wordings to be updated daily and new clauses added within 24 hours. It also allows users to search for key words not only in the policy titles but their entire text which will provide far more specific search results.