REINSURANCE: A binder often including more than one reinsurer. At Lloyd’s of London, the slip is carried from underwriter to underwriter for initialing and subscribing to a specific share of the risk.
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A binder often including more than one reinsurer. At Lloyd’s of London, the slip is carried from underwriter to underwriter for initialing and subscribing to a specific share of the risk. See Binder and Cover note.
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REINSURANCE: A document showing details of Reinsurance proposed to be offered which is circulated to the Reinsurers by the brokers/Ceding Company.
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A term used within Lloyd’s of London for a piece of paper identifying the syndicate who has accepted a risk. This paper is submitted by a broker to the Lloyd’s underwriters.
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UK: Document submitted by a Lloyd’s broker to underwriters containing particulars of a risk proposed for insurance. The leading underwriter signifies his acceptance and the broker seeks further acceptances until the risk is fully subscribed. Insurance companies and Lloyd’s syndicates may appear on the same slip. LMP slips have been introduced following LMP 2001. The slip’s standardised layout is to clarify responsibilities and timescales and deliver certainty at point of contact. The slip can incorporate either the General Underwriters’ Agreement or Leading Underwriters’ Clauses. See SLIP EPS; SLIP POLICY; SLIP CREATION GUIDELINES.
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The document used by the broker negotiating placing of the business in the London market. The underwriter signifies his acceptance on the broker’s slip.
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There are two types of underwriting slip: a placing slip and a signing slip. A placing slip is a document created by a broker that contains a summary of the terms of a proposed insurance or reinsurance contract which is then presented by the broker to selected underwriters for their consideration. Underwriters may delete, amend or add terms on a slip as they consider appropriate for the purpose of providing an indication or a quotation. A signing slip is a document that is created by a Lloyd’s broker after a quotation has been accepted for the purpose of processing premiums under the contract that is evidenced by the placing slip. It is a cleaned up version of the final placing slip and shows underwriters’ stamps, signed lines and underwriting references, these details being inserted by each underwriter at the request of the broker. Provided that it shows the underwriters’ stamps, signed lines and underwriting references a placing slip may be used as a signing slip.