What document is prepared by brokers to outline the coverage provided by an insurer, including terms and conditions?

The document that brokers prepare to outline the coverage provided by an insurer, including its terms and conditions, is known as a placing slip. This document serves a crucial role in the insurance process as it details the specific coverage terms that have been negotiated between the insurer and the broker on behalf of the client. The placing slip is instrumental in the placement of insurance and facilitates clear communication regarding the coverage features, conditions, and any exclusions that may apply.

In this context, a client needs analysis focuses on understanding the specific requirements and risks of the client but does not provide coverage details. Closing refers to the finalization of the insurance policy transaction but does not serve as a document to outline coverage specifics. A business pack typically refers to a bundled insurance policy rather than the document outlining coverage negotiated by a broker. Thus, the placing slip is specifically designed for the purpose of articulating the details of the coverage arranged by brokers.