The Lloyd's Market Association (LMA) has worked with software company ISO to launch its own wordings repository. The LMA has said that half the market has already promised to adopt the repository with immediate effect.

The repository contains model wordings and clauses developed by the LMA and other industry organisations, including individual managing agents, other insurers and brokers and is designed to eliminate contract uncertainty. Bob Stuchbery, chairman of the LMA's underwriting and claims committee and underwriting director of Chaucer Syndicates, said: "I see the repository project as an extremely positive contribution to achieving contract certainty within the London Market." He said it would offer an immediate improvement into the way policy wordings and clauses are made available.