The piece of paper containing all the pertinent information regarding the risk
and the insurance terms and conditions that the broker submits to the
underwriter at Lloyd's of London. Should the underwriter decide to
participate on the risk, the percentage and pricing are recorded in addition to
the underwriter's signature. The process is then repeated until the slip is
completely filled. The slip forms the basis for the insurance coverage contract
and, in the event of a difference in wording between the slip and the policy
issued from it, the slip supersedes the policy as the binding insurance
document.