@article{ART001084943},
author={Lee Woo-Young},
title={The Role and Legal Status of the Slip in London Insurance Market},
journal={Journal of Insurance and Finance},
issn={2384-3209},
year={2007},
volume={18},
number={2},
pages={115-158}
TY - JOUR
AU - Lee Woo-Young
TI - The Role and Legal Status of the Slip in London Insurance Market
JO - Journal of Insurance and Finance
PY - 2007
VL - 18
IS - 2
PB - Korea Insurance Research Institute
SP - 115
EP - 158
SN - 2384-3209
AB - The purpose of this paper is to explore the role and legalsignificance of the slip in London Insurance Market. In some classes of insurance, the insurance broker writes down the details of the cover which the applicant wishes to obtain on a document known as a slip, using accepted abbreviations in order to condense the terms of the insurance onto the sheets of paper. Normally, the presentation of the slip is the proposal or offer of the contract and the initialment is the acceptance, with each underwriter being bound separately as from the time of his initialment.
Where a slip is oversubscribed, it is a binding custom of the London marine and non-marine markets that all lines are to be proportionately signed down to 100% upon the ultimate closing of the risk. This is a qualification of the general rule that an underwriter is bound to the line for which he has subscribed the slip presented to him for initialling. With regard to the legal position of a partially subscribed slip, each underwriter is bound on the terms for which he has subscribed the slip whether or not it is fully subscribed, subject only to the custom of signing-down.
In legal proceedings, the slip may be submitted as evidence to show the intention of the parties, or for the purpose of rectification of a mistake. The parol evidence rule will not exclude the slip where it has probative value. In particular, it may provide the basis of a rectification action. But a contract of marine insurance is not admissible in evidence and enforceable unless embodied in a policy.
KW - cover note;insurance broker;insurance policy;slip
DO -
UR -
ER -
Lee Woo-Young. (2007). The Role and Legal Status of the Slip in London Insurance Market. Journal of Insurance and Finance, 18(2), 115-158.
Lee Woo-Young. 2007, "The Role and Legal Status of the Slip in London Insurance Market", Journal of Insurance and Finance, vol.18, no.2 pp.115-158.
Lee Woo-Young "The Role and Legal Status of the Slip in London Insurance Market" Journal of Insurance and Finance 18.2 pp.115-158 (2007) : 115.
Lee Woo-Young. The Role and Legal Status of the Slip in London Insurance Market. 2007; 18(2), 115-158.
Lee Woo-Young. "The Role and Legal Status of the Slip in London Insurance Market" Journal of Insurance and Finance 18, no.2 (2007) : 115-158.
Lee Woo-Young. The Role and Legal Status of the Slip in London Insurance Market. Journal of Insurance and Finance, 18(2), 115-158.
Lee Woo-Young. The Role and Legal Status of the Slip in London Insurance Market. Journal of Insurance and Finance. 2007; 18(2) 115-158.
Lee Woo-Young. The Role and Legal Status of the Slip in London Insurance Market. 2007; 18(2), 115-158.
Lee Woo-Young. "The Role and Legal Status of the Slip in London Insurance Market" Journal of Insurance and Finance 18, no.2 (2007) : 115-158.
