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If an insured loss occurs before a Lloyd's policy document has been drawn up and signed, are the underwriters liable to pay a claim?

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Yes.

 Under the code of ethics of the London market, once an underwriter has initialled or signed a slip, he is honour-bound to pay any claim on it, even though the policy is not yet drawn up. In any case, the Marine Insurance Act 1906 requires this.

 

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