At what point is the contract typically considered concluded in the London Market?

In the London Market, a contract is typically considered concluded when the underwriter puts their line down on a Market Reform Contract (MRC). The MRC is a standardized document that streamlines the negotiation and agreement process between parties involved in the insurance contract.

When an underwriter indicates their agreement to assume a specified portion of the risk by signing the MRC or putting their line down, it signifies formal acceptance of the terms and conditions laid out in the document. This action reflects the underwriter's commitment to the contract, making it legally binding upon both parties once the agreed conditions are met.

Other options, such as signing the policy or paying the premium, are crucial steps but occur after the contract is already concluded with the underwriter's signing of the MRC. Similarly, while notifying the client is an important part of the communication process, the actual contract itself is affirmed at the point of the underwriter's endorsement on the MRC. Thus, the act of putting the line down is the definitive moment that establishes the contractual relationship in the London Market context.