It seems the industry FSA's contract certainty message will take a long time to sink in.

Backchat met a managing director of an underwriting management company who said that he bought D&O cover in 2001, but has yet to receive any documentation apart from a cover note. The source of this wonderful piece of delayed bureaucracy? The London market.

The MD says he now almost doesn't want to get the policy document, because "it makes such a good story and demonstrates how we can do a better job than our rivals". Over to you, Tiner.