Which document confirms and finalizes insurance cover between a broker and an insurer?

The document that confirms and finalizes insurance cover between a broker and an insurer is known as a 'Closing.' This document serves as a summary of the terms negotiated between the broker and the insurer, solidifying the agreement on the insurance coverage being provided. It acts as a formal record of the transaction and ensures that both parties are in agreement on key details such as coverage limits, premiums, and any exclusions.

In the context of insurance brokerage, the closing represents the concluding phase of the negotiation process where all terms have been agreed upon. It is crucial for ensuring that both the broker and insurer understand and acknowledge the specifics of the coverage being underwritten.

While options like 'Client needs analysis' and 'Placing slip' are important in the insurance process, they serve different purposes. A client needs analysis helps assess the specific needs of the client to tailor suitable insurance solutions, while a placing slip is used to outline the requirements and details of coverage to be placed, but it does not finalize the agreement. A 'Business pack' typically refers to a collection of insurance products offered for businesses, not a document confirming coverage.