LLOYD'S MARKET · BORDEREAU REPORTING
Bordereau Reporting That Starts Inside the Claim
With VCA, you set up the Unique Market Reference (UMR) once and bordereaux auto-populate per claim, for both individual-risk and subscription market business. Every figure is read from the claim in VCA ClaimsCore.
VCA serves the side of the market that produces bordereaux: the delegated claims administrators (DCAs) and coverholders handling delegated claims and reporting to their managing agents in London.
ONE CLAIM · VCA CLAIMSCORE
ONE CLAIMS BORDEREAU LINE
- Contract SetupThe UMR, entered onceFrom contract setupCONTRACTUMR, class, risk codesFrom contract setup→
- IntakeTaken at first noticeFrom intakeCLAIMReference, insured, date of lossFrom intake→
- HandlingIn your own termsMapped from your own termsCAUSE AND STATUSIn the market's codesMapped from your own terms→
- PaymentsEach against its reserveFrom the paymentsPAIDIndemnity and feesFrom the payments→
- Reserve HistoryEvery movement, datedFrom the reserve historyOUTSTANDINGReserve, and the movementFrom the reserve history→
- Recovery RecordPosted against the reserveFrom the recovery recordRECOVERIESSalvage and subrogationFrom the recovery record→
- Shares on the UMRRecorded at setupFrom the shares on the UMRSHAREEach participant's portionFrom the shares on the UMR→
THE PROBLEM IT SOLVES
When bordereau reporting lives outside the claim system, every correction is paid for three times: in the claim, in the working spreadsheet, and in whatever was already sent.
The same report feeds the managing agent's oversight under Lloyd's Principle 4 →
THE LINE
What a Bordereau Line Has to Answer
Each line is one claim, described in the terms the contract was written in. The exact columns are set by the agreement you report under, and they move when the reporting standard moves. The table sets out the questions a line has to answer, and where each answer comes from in VCA.
THE LLOYD'S REPORT SET, FROM THE SAME CLAIMS
- Lloyd's Standard Bordereau
- Standard Bordereau with Certificate Allocation
- Lloyd's MI report
- Lloyd's Solvency report
| What the Line Has to Answer | Where It Comes From in VCA |
|---|---|
| Which Contract This Claim Arose Under | The UMR, with the class of business and risk codes it runs on. Captured once at contract setup and inherited by every claim identified against it. |
| Which Claim This Is | Your own claim reference, the insured, the date of loss, and the date it was reported. Captured at intake by the people taking the notification. |
| What Happened, and Where It Stands | Cause and status, in the market's classifications, through the mapping from your own terms set up at the start. |
| What It Has Cost so FarPaid in the period and paid to date. Where your agreement splits the loss from the cost of handling it, indemnity and expense are carried as separate figures. | The claim's own payment transactions, each recorded against its reserve when the payment went out. |
| What It Is Still Expected to CostThe outstanding reserve at the reporting date and the movement since the last report, split into indemnity and expense the same way as the paid figures. | The reserve history on the claim: every movement dated, so the reserve can be read as it stood on any reporting date. |
| What Has Come BackRecoveries: salvage, subrogation, and anything else recovered against the loss, shown as figures of their own so the net position on the claim can be read off the line. | The claim's recovery record: salvage and subrogation, amounts filed and funds received, each posted against the reserve it offsets, with the net recovery shown on the claim. Your agreement decides which of those figures the line carries. |
| Whose Money It Is | On subscription business, each participant's share, calculated from the shares recorded on the contract at UMR setup. |
THE MECHANISM
How does VCA produce a bordereau?
You set the contract up once, and every claim under it reports itself. By the time the period closes, the bordereau is a report you have been checking all month.
FROM UMR SETUP TO THE REPORT RUN
- Set up the UMR onceWhen the binding authority is set up, the software guides you through the agreement number, the class of business, and the risk codes the contract runs on. It takes the most care of any stage, and it is not repeated for that contract.
- Map your vocabulary onceMost operations do not use Lloyd's terminology internally. Your in-house terms, reserve classifications included, are mapped to the market's at setup, so your handlers keep the words your operation already uses and the report goes out in the words London reads.
- Identify the claim as Lloyd's businessFlag a claim as Lloyd's business and the Lloyd's-specific fields appear, already populated from the UMR. Claims handlers capture what only they know, like the loss details, and skip what the contract already knows.
- The figures build as the work happensPayments, reserve movements, and status changes are recorded on the claim as they occur, by the people doing the work. The period figures are a consequence of the period, and nobody reconstructs them afterwards.
- Complete it while the claim is openThe fields the report needs are fields on the claim, so they are filled in during handling by the person who knows the answer, long before anyone would chase them at period end.
- Run the reportSelect the UMR and the reporting period. The software assembles the bordereau from the claims and runs the calculations.
Subscription business runs through the same mechanic.
The Lloyd's page sets out why a subscription placement reports differently. VCA carries the shares from the UMR setup onto every claim written against the contract and does the arithmetic where the claim data lives, so a single reserve movement comes out as each participant's portion of it, and the portions agree with the contract every time the period runs.
Share arithmetic belongs in the claims system, where the contract and the reserve already live.
Reserve increase on the claim10,000
- Participant A50% share5,000
- Participant B30% share3,000
- Participant C20% share2,000
AFTER SUBMISSION
When a Figure Changes After the Bordereau Has Gone
You correct the claim and run the period again, and nothing more. The period is assembled from the claim record every time it runs, so the corrected figures come out with it and nobody rebuilds a report.
Reserves move. A payment gets voided. A claim turns out to have been coded to the wrong cause, or identified against the wrong contract, and it surfaces two periods later. The claim keeps its own history, so what changed, when, and who changed it stays answerable, which is the version of the question an oversight review usually asks.
Whether a corrected period gets re-issued or the movement gets carried into the next report is a matter for your agreement and the party receiving it, and it varies. The software supports either, because the period can be run again whenever it is asked for.
VISIBLE WHILE THE CLAIM IS OPEN
- A Claim Identified Against the Wrong ContractThe UMR sits on the claim itself, so the contract it was identified against is in front of the handler every time the claim is worked.
- A Status That Never MovedStatus is a field on the claim the report reads from, so a claim closed on the desk is closed on the line.
- A Classification Left in Your Own VocabularyThe mapping was set once. The handler keeps their words, and the line goes out in the market's.
Settled during handling, each of those is a question for one adjuster. Left to period end, each one is a search.
FINANCE
The bordereau and the ledger can come from one source
Reconciliation comes down to two questions. Do the paid figures on the bordereau agree with what left the bank? Does the outstanding reserve agree with the balance finance closes against?
They agree when they come from the same transactions, and they argue when claims and accounting each keep their own version, which is how a close turns into a week of explaining a difference. The paid and reserve figures on a claims bordereau are financial statements in miniature. VCA runs the claims layer, and the claim's transactions are reachable through VCA's APIs, so a custom connection can feed your ledger from the same transactions the bordereau is built from.
An ERP on the finance side of the house is a reason to add VCA, not a conflict. The two are designed to run together.
Payments Recorded on the Claim
Every payment is recorded against its reserve on the claim, so the paid figure on the line is the payment as it was recorded. Where ClaimsPay issues it, through VCA's partnership with Vitesse, a payment approved in VCA goes out without anyone re-keying its details.
Finance Integrations
VCA's API framework for policy-system, partner and finance connectivity, with Intuit QuickBooks, Sage and Bill.com among the named integrations.
WHEN THE TARGET MOVES
What Happens When the Reporting Standard Changes
The claim record stays the claim record. A revision to the report shape is absorbed by the mapping and the output, which is where a change of that kind belongs, and your handlers keep working the way they already work.
The answer matters because the target keeps moving. Lloyd's coverholder claims reporting standards have been revised across several versions. Which version a vendor's output targets, who makes the mapping change when the next revision lands, and what it costs you are fair questions to put to anyone selling you reporting software, including us. VCA adds new Lloyd's reporting requirements to the product as Lloyd's publishes them.
WHERE THE COST LANDS
Where the bordereau is a spreadsheet a team maintains, every change to the report becomes a change to that team's month. Where it is drawn from the claim record, the change lands in the mapping and the next run comes out in the new form. The report changes. The claim record does not.
THE ARTIFACT
What is a bordereau, exactly?
A bordereau is the periodic report a delegated operation sends to the capacity provider behind it. On a claims bordereau, each line is one claim: its dates, what has been paid, what is still reserved, and where it stands. The plural is bordereaux.
Claims Bordereau, Premium Bordereau
A claims bordereau reports what has been claimed and what it is costing. A premium or risk bordereau reports what was written and the money due on it, and it comes from the system that writes the business. VCA produces the claims bordereau.
Unique Market Reference (UMR)
The identifier assigned to a Lloyd's contract, such as the binding authority under which delegated business is written. Every bordereau line reports against a UMR, which is why setting the contract up correctly matters more than any single report that follows from it.
Risk Code and Class of Business
The classifications a contract is written under, used to sort what gets reported and to tell the market what kind of business a figure belongs to.
Reporting Period
The window a bordereau covers. Everything on the report is stated as at the end of it: paid in the period, paid to date, the reserve as it stood, and the movement since the last report. Two bordereaux for the same claim in different periods should tell one continuous story.
The market-side vocabulary, binding authority, coverholder, delegated authority, and managing agent, is defined on the Lloyd's page.
WHY VCA
Why Bordereau Teams Run on VCA
We know claims from every seat we work with, and the delegated operation's period end is where that shows.
- Depth of Claims ExpertiseBuilt from the claim up, by an adjuster, so the bordereau is read from the work your handlers already do.Why VCA →
- Speed of ImplementationDiscovery first, including the reporting you owe each managing agent, then live in weeks, because VCA sticks to the essentials of claims instead of everything a suite has to build.
- Capital EfficiencyYour Lloyd's business and the rest of your book run on one claims platform, beside the policy system and ledger you already have, at a fraction of the cost of a core replacement.
Common Questions About Bordereau Reporting
Do we set the UMR up again each period?
No. You set each Unique Market Reference up once, with its risk codes and participant details, and from then on bordereaux populate from the claims themselves. The contract details carry into every claim identified against that UMR, so period end is a report run.
Which Lloyd's reports does VCA produce?
VCA produces the Lloyd's Standard Bordereau, the Lloyd's Standard Bordereau with Certificate Allocation, the Lloyd's Management Information (MI) report, and the Lloyd's Solvency report, alongside VCA's own operational reporting. Ask us to run the specific reports your agreement names.
Can VCA show shared risk on subscription market business?
Yes. VCA handles both individual-risk and subscription market business. Each participant's share is carried from the contract onto every claim written against it, so a single reserve movement is presented as each participant's portion of it, consistently, for as long as the claim is open.
Do you submit the bordereau to the market for us?
VCA produces the report. How it reaches the parties who receive it, and on what cadence, is set by your agreement and by the submission process you already run.
How long before our first bordereau comes out of VCA?
Every implementation starts with discovery: VCA maps how your claims actually move, including the reporting obligations each agreement carries, before anything is configured. Standard License deployments then go live in 3 to 4 weeks and Enterprise License deployments in 8 to 16 weeks. Carriers plan on the Carrier License: 12 weeks to 6 months.
Bring us a claim where the promise was hard to keep
Bring last period's bordereau and the queries that came back on it. We'll walk one of your claims from the UMR to the line it produces, and show you where the answer to each query sits on the claim.
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