Care must be taken when using Leading Underwriter Clauses. Whereas the leading underwriter is entitled to agree any amendments to the placement that is acceptable to them for their own participation, PSC is not entitled to bind the supporting market if such agreements widen or extend cover shown on the slip. This is especially important when agreeing policy wordings. Policies must reflect the terms and conditions shown on the slip and must not go beyond the framework of the Slip.
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