Lloyd’s has underpinned its commitment to increasing contract certainty by announcing the creation of an action team of LMP (London market principles) slip auditors.

The team will work with businesses across the market to help them meet the 95% compliance target by the end of the year.

It will check more than a quarter of all slips placed, identifying common problems and errors in the completion of slips and offering feedback and advice to individual managing agencies and brokers to help improve quality.

Head of business process reform Iain Saville says the market has four months left to raise the level of slip compliance to a target of 95% from the current 83% mark.