A slip that is oversubscribed. The acceptances obtained by the broker exceed the amount of business available. It may be done intentionally by a broker seeking access to a wider market in the future. When it occurs the line written by each underwriter is reduced proportionately (short-closing).
Insurance Encyclopedia
Overdue Market
A market for the reinsurance of a marine insurance where a ship is overdue or has suffered a serious casualty which may result in a total loss, and thus a means for original underwriters of quantifying, and possibly cutting, their loss.
Overdue risk
An overdue ship. When a ship is overdue, the underwriter on risk may seek a reinsurance with other marine syndicates at a cost. Both the insurer and the reinsurer have access to the latest shipping intelligence provided by Lloyd’s.