https://www.insurerbrain.com/w/index.php?action=history&feed=atom&title=Definition%3ASlipDefinition:Slip - Revision history2026-06-13T10:26:50ZRevision history for this page on the wikiMediaWiki 1.43.8https://www.insurerbrain.com/w/index.php?title=Definition:Slip&diff=7127&oldid=prevPlumBot: Bot: Creating new article from JSON2026-03-10T05:13:06Z<p>Bot: Creating new article from JSON</p>
<p><b>New page</b></p><div>📋 '''Slip''' is the foundational document used in subscription [[Definition:Insurance market | insurance markets]] — most notably [[Definition:Lloyd's of London | Lloyd's of London]] — to present a risk to potential [[Definition:Underwriter | underwriters]] and record their agreement to participate. It contains essential details about the [[Definition:Insured | insured]], the [[Definition:Coverage | coverage]] sought, [[Definition:Premium | premium]] indications, [[Definition:Deductible | deductibles]], [[Definition:Policy terms and conditions | terms and conditions]], and the [[Definition:Broker | broker]] placing the business. Historically a physical document passed around the [[Definition:Underwriting room | underwriting room]], the slip has evolved into an electronic record on platforms such as [[Definition:Placing Platform Limited (PPL) | PPL]], though its purpose remains unchanged.<br />
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🔄 The placement process begins when a broker prepares the slip and approaches a [[Definition:Lead underwriter | lead underwriter]], who evaluates the risk and, if willing, "scratches" the slip by writing a [[Definition:Written line | line]] — a percentage of the total risk they agree to accept along with the [[Definition:Premium | premium]] and terms. Once the lead has set the terms, the broker circulates the slip to [[Definition:Following underwriter | following underwriters]], who add their own lines until the risk is fully subscribed or [[Definition:Oversubscription | oversubscribed]]. If the total exceeds 100%, [[Definition:Signing down | signing down]] reduces each participant's share proportionally. The slip then serves as the contractual basis until a formal [[Definition:Policy | policy]] wording is issued.<br />
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🏛️ Far from being a mere administrative formality, the slip functions as the commercial backbone of the London and international subscription markets. The quality and clarity of a slip directly affect placement speed, underwriter confidence, and the accuracy of [[Definition:Contract certainty | contract certainty]] — a priority that [[Definition:Lloyd's of London | Lloyd's]] and regulators have emphasized in recent decades. Errors or ambiguities on the slip can lead to [[Definition:Coverage dispute | coverage disputes]] at the claims stage. The ongoing digitization of the slip process through [[Definition:Insurtech | insurtech]] and market modernization initiatives aims to reduce friction, improve data quality, and create structured records that feed into [[Definition:Bordereaux | bordereaux]] and [[Definition:Portfolio management | portfolio analytics]].<br />
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'''Related concepts'''<br />
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* [[Definition:Lloyd's of London]]<br />
* [[Definition:Lead underwriter]]<br />
* [[Definition:Written line]]<br />
* [[Definition:Signing down]]<br />
* [[Definition:Placing Platform Limited (PPL)]]<br />
* [[Definition:Contract certainty]]<br />
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