Slip

A document submitted by a Broker to Underwriters containing particulars of a Risk proposed for Insurance.

Slip Policy

A Broker's Slip which is made into a Policy by the attachment of a special form; the purpose being to provide for those cases where the Insured or the reinsured does not require a formal Policy.

Subrogation

The right of the Underwriter to take over the Insured's rights, following payment of a Claim, to recover the payment from a third party responsible for the Loss. It is limited to the amount paid on the Policy.

Sum Insured

The maximum extent of an Insurer's liability under a contract of insurance.

Syndicate

A group of Underwriting Members underwriting insurance through the agency of a Managing Agent to which a particular Syndicate number is assigned by the Council.