What defines a lineslip in the context of Lloyd's insurance?

A lineslip is specifically defined as an agreement where a broker can bind coverage on behalf of multiple insurers under a single policy for risks that fall within the parameters outlined by a leading insurer. This arrangement allows for streamlined processing of insurance for a group of insurers, as the broker acts on behalf of all participating underwriters, thus they are bound by the leader's acceptance of the risk.

In this system, once the leading insurer agrees to the terms of the coverage and accepts the risk, all the other participating insurers are automatically bound to the same terms without the need for each insurer to individually sign off on the policy. This expedites the underwriting process and reduces administrative burdens, facilitating easier collaboration among insurers in the Lloyd's market.

The other options depict different insurance contexts. A custom policy for a single client focuses on tailored coverage, a group policy applies to a collective of individuals or entities under one blanket policy, and a direct contract emphasizes the relationship between clients and insurers without intermediary agreements like the lineslip.