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📝 '''Broker order''' is a formal submission prepared by an [[Definition:Insurance broker | insurance broker]] that outlines the coverage requirements, risk details, and placement instructions for a client's insurance need, then circulates it to one or more [[Definition:Insurance carrier | insurers]] or [[Definition:Underwriter | underwriters]] for quoting. In the [[Definition:London market | London market]] and [[Definition:Lloyd's of London | Lloyd's]] ecosystem, the broker order — sometimes called a market presentation or placing slip — serves as the foundational document around which negotiations between brokers and underwriters revolve. It distills a client's [[Definition:Risk profile | risk profile]] into a structured format that allows markets to evaluate, price, and ultimately decide whether to offer terms.

🔧 A broker assembles the order by gathering detailed information from the [[Definition:Insured | insured]] — including exposure data, [[Definition:Loss history | loss history]], existing [[Definition:Coverage | coverage]] structures, and any specific [[Definition:Policy terms and conditions | terms and conditions]] the client requires — and packages it alongside a proposed [[Definition:Premium | premium]] range or target pricing. The order is then presented to selected markets, either through face-to-face meetings with underwriters, electronic placement platforms like [[Definition:PPL (Placing Platform Limited) | PPL]], or increasingly through [[Definition:Insurtech | insurtech]]-enabled submission management tools. Underwriters review the order, ask follow-up questions, and respond with indications or firm quotes. In subscription markets, the broker may secure participation from a [[Definition:Lead underwriter | lead underwriter]] first, then use the agreed terms to fill the remaining [[Definition:Line | lines]] from following markets.

📊 The quality of a broker order directly influences placement speed, pricing outcomes, and the breadth of market appetite a client can attract. A well-constructed order that presents risk information clearly and anticipates underwriter concerns reduces back-and-forth, avoids delays, and signals professionalism — all of which can translate into more competitive terms. Conversely, incomplete or poorly organized submissions erode underwriter confidence and may result in declines or inflated pricing. As digital placement and [[Definition:Straight-through processing (STP) | straight-through processing]] gain traction, the structure of broker orders is becoming increasingly standardized, with data fields mapped to [[Definition:ACORD | ACORD]] standards and other industry schemas to enable automated ingestion and faster turnaround.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Placing slip]]
* [[Definition:Subscription market]]
* [[Definition:Lead underwriter]]
* [[Definition:Insurance broker]]
* [[Definition:Market submission]]
* [[Definition:ACORD]]
{{Div col end}}

Definition:Broker order - Revision history

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