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.
Insurance Encyclopedia
Slip EPS (Electronic Placing Support)
Allows risks to be written electronically.
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.