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Slip

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.

Slip (Lloyd’s)

a document used in the Lloyd’s market which sets out the details of the risk for which cover is sought and is presented by the broker to the underwriter, the latter signifies on the slip the extent of his/her intended participation in the risk and, in the case of the leading underwriter, the premium to be charged.

Slip agreement

An addition to the slip, expressing the underwriter’s agreement to an issue agreed by the underwriter after his initial acceptance.
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An agreement expressed by an underwriter on a broker’s slip at a date subsequent to the original acceptance of the risk.

Slip creation guidelines

Best practice guidelines enabling brokers and underwriters to develop their own pro-formas to ensure the slip contains clear and complete information relating to the risk, its administration and procedures for agreement of claims and endorsements. They ensure clarity of contract terms and responsibilities.

Slip leader

The insurer on the placing slip identified as leader. Under LMP 2001, the slip leader has responsibility for coordinating contract and claims management and administration.

Slip Policy

A signed slip that has been adapted to serve a Policy in place of a formal Policy document.
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UK: A signed slip that has been adapted to serve as a policy in place of a formal document where either the insured or reinsured does not require one.
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A signed slip which is agreed to be a policy where the insured or the reassured does not require a separate policy.

Slip System

The face-to-face system used within the London Market to co-insure risks. Proposed are described by a broker on a standard form (slip); terms and premium rate are added after negotiation with a lead underwriter (who also signs for a certain proportion of the risk), before the slip is circulated by the broker amongst other underwriters who sign the slip to confirm the proportion of risk that they will accept.