See: Builder’s Risk Policy.

See: Freight.

UK: See: SHORT CLOSING.
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The process of reducing. Pro-rata, the proportion of risk that each co-insurer has accepted for a given risk where the slip has been more than 100% subscribed.
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Where a risk is oversubscribed, which is to say that the underwriters’ written lines exceed 100% then, absent some contrary instruction, those lines will be proportionally reduced (‘signed down’) by the broker until they total 100%. An underwriter may insist on preserving his written line in which event the written lines of the other underwriters will be proportionally reduced until they total 100% when added to the preserved written line of the other underwriter.

See: SINGLE INSURANCE MARKET.