Within the London Market, when should the insured expect to receive evidence of insurance cover?

In the London Market, it is standard practice for the insured to expect to receive evidence of insurance cover within 30 days of inception. This timeframe is important as it allows adequate time for the completion of necessary insurance documentation and administrative processes, ensuring that all coverage details are confirmed and communicated effectively. Receiving this evidence promptly ensures that the insured can proceed with confidence, knowing that their risks are covered from the inception of the policy.

This 30-day period provides a cushion for any potential issues or delays in processing the policy documents and allows both the insurer and insured to address any concerns that may arise during this initial phase. It establishes a clear understanding of the coverage provided, which is crucial for fostering trust between the insurer and the insured.

While a shorter timeframe might seem more appealing, it often would not accommodate the complexities involved in binding coverage, especially in intricate insurance placements typical of the London Market. Thus, the expectation of receiving evidence of insurance cover within 30 days aligns with industry standards and practices.