Inception Date Allocation (IDA) is the market practice adopted at Lloyd’s for the allocation of risks to a year of account based on the inception date of the risk in question.
The proper allocation of risks in accordance with IDA can require careful consideration of the policy in question (for example where the policy is a multi-year risk or has been written under a binding authority or line slip).
As the incorrect allocation of risks can also delay the processing of submissions, Velonetic has issued a market communication providing guidance on the proper application of IDA: ‘Lloyd’s Inception Date Allocation (IDA) – Reminder of How to Process through Velonetic’ (Reference 2018/084).
Managing agents are encouraged to refer to the guidance provided by Velonetic to ensure the proper allocation of risks in accordance with IDA. A copy of Velonetic’s guidance can be obtained from Service.Centre@dxc.com.
Performance Management – Supplemental Requirements and Guidance, page 28