Only the Lloyd’s Market Reform Contract / Slip should be used for open market placements. Care should be taken to ensure the correct version of the approved Slip is used for Lineslips and Binding Authorities.
Where PSC or Insurer quote sheets are used to obtain terms, care should be taken that they accurately reflect the terms required by the Insured.
Many Insurers use standard quote sheets that require the addition or removal of specific clauses in order to ensure Contract Certainty and often underwriting information has to be added and accepted by Insurers.
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