Cover Note definition

Cover Note means a certificate issued by an insurer and or by an insurer via a broker confirming that a policy of insurance is operative and which general use is as a temporary measure between the commencement of cover and the issue of the policy of insurance
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Cover Note means a confirmation given by a reinsurance company or a broker to a cedant that coverage has been effected. A cover note is provided pending the issuance of a formal and comprehensive reinsurance contract;
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Cover Note. A document issued by an agent or a broker which tells the insured that the agent or broker has effected the insurance described therein. Since there are often delays in issuing, a cover note gives the insured a description of what insurance the agent or broker has put in effect. A cover note is similar to a binder although a binder has greater validity, being a document issued by a company or its agent instead of one given by the broker to his customer. Excess of Loss Reinsurance: A form of reinsurance which indemnifies the ceding company for that portion of the loss (arising out of a loss occurrence) which is in excess of a stipulated sum or primary retention of the ceding company. Excess of Loss is the normal form of reinsurance of liability risks, but it also has special applications in all branches. It should never be confused with Surplus, which in reinsurance always refers to a pro rata distribution of the original coverage when it exceeds specified amounts. Ex Gratia Payment: A payment made for which the company is not liable under the terms of its policy. Usually made in lieu of incurring greater legal expenses in defending a claim. Rarely encountered in reinsurance as the reinsurer by custom and for practical reasons follows the fortunes of the ceding company.
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Examples of Cover Note in a sentence

  • The bidder shall provide Performa Invoice of principal on CPT/CFR basis as per supply order along with Insurance / Cover Note and CDR within fortnight in favor of Director (DPIC) as security equal to 100% amount of the goods to initiate the LC at sight.

  • The bidder shall provide Performa Invoice of principal on CPT/CFR basis as per supply order along with Insurance / Cover Note and CDR within fortnight in favor of Director (DPIC) as security equal to 100% amount of the goods to be imported to proceed for advance payment to the exporter.

  • In case the bidder, is unable to provide CDR in favor of Director (DPIC) as security equal to 100% amount of the goods to be imported, may chose this option and shall provide Performa Invoice of principal on CPT/CFR basis as per supply order along with Insurance / Cover Note within fortnight to initiate the LC on usance basis (minimum usance period 60 days from the date of Airway Bill OR 90 days from the date of Bill of Lading).

  • The bidder shall provide Performa Invoice of principal on CPT/CFR basis as per supply order and CDR as security equal to 100% amount of the goods to be imported and shall provide Performa Invoice of principal on CPT/CFR basis as per supply order along with Insurance / Cover Note within fortnight to initiate the LC on usance basis (minimum usance period 60 days from the date of Airway Bill OR 90 days from the date of Bill of Lading).

  • The bidder shall provide Performa Invoice of principal on CPT/CFR basis as per supply order along with Insurance / Cover Note and CDR as security equal to 100% amount of the goods within fortnight in favor of Director (DPIC) to initiate the LC at sight.

  • The bidder shall provide Performa Invoice of principal on CPT/CFR basis as per supply order along with Insurance / Cover Note and CDR as security equal to 100% amount of the goods within fortnight in favor of Director (DPIC) to be imported to proceed for advance payment to the exporter.

  • The bidder shall provide Performa Invoice of principal on CPT/CFR basis as per supply order along with Insurance / Cover Note and CDR within fortnight in favor of Director (DPIC) as security equal to 100% amount of the goods to be imported to proceed for advance payment tothe exporter.

  • The bidder shall provide Performa Invoice of principal on CPT/CFR basis as per supply order along with Insurance / Cover Note and CDR or Pay Order/Demand Draft within fortnight in favor of Director (DPIC) as security equal to 100% amount of the goods to initiate the LC at sight.

  • In case the bidder, is unable to provide CDR/Pay Order/Demand Draft in favor of Director (DPIC) as security equal to 100% amount of the goods to be imported, may chose this option and shall provide Performa Invoice of principal on CPT/CFR basis as per supply order along with Insurance / Cover Note within fortnight to initiate the LC on usance basis (minimum usance period 60 days from the date of Airway Bill or 90 days from the date of Bill of Lading).

  • In case the bidder, is unable to provide CDR in favor of Director (DPIC) as security equal to 100% amount of the goods to be imported, may chose this option and shall provide Performa Invoice of principal on CPT/CFR basis as per supply order along with Insurance/ Cover Note within fortnight to initiate the LC on usance basis (minimum usance period 60 days from the date of Airway Bill OR 90 days from the date of Bill of Lading).


More Definitions of Cover Note

Cover Note means a document summarizing the terms and conditions of an or several insurance policy or policies brokered by Orbis on behalf of the Client.
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Cover Note means an interim contract of insurance issued by Our office.
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Cover Note means the portion of the Agreement termed as “Agreement Cover Note” which sets out some of the key terms of the Agreement.
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Cover Note or “slip” means a reinsurer’s or broker’s confirmation to a cedant that coverage has been effected. It is usually a one or two-page summary of the coverage, and is provided pending issuance of a formal reinsurance contract;
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Related to Cover Note

  • Note means a promissory note made by the Borrower in favor of a Lender evidencing Loans made by such Lender, substantially in the form of Exhibit B.

  • Subordinated Note has the meaning set forth in the Purchase and Sale Agreement.

  • Convertible Note means an instrument issued by a startup company evidencing receipt of money initially as debt, which is repayable at the option of the holder, or which is convertible into such number of equity shares of such startup company, within a period not exceeding five years from the date of issue of the convertible note, upon occurrence of specified events as per the other terms and conditions agreed to and indicated in the instrument;

  • Term Note means a promissory note of the Borrower payable to any Term Lender or its registered assigns, in substantially the form of Exhibit B-1 hereto, evidencing the aggregate Indebtedness of the Borrower to such Term Lender resulting from the Term Loans made by such Term Lender.

  • Senior Note means, for a Supplemental Loan, if any, each Multifamily Note secured by a Senior Instrument.

  • Legended Note means Registered Notes in definitive form that are issued to Institutional Accredited Investors and Registered Notes (whether in definitive form or represented by a Registered Global Note) sold in private transactions to QIBs in accordance with the requirements of Rule 144A;

  • Contract Note means a promissory note of the Borrower payable to the order of a Lender, in substantially the form of Exhibit 1.01A hereto, evidencing the aggregate indebtedness of the Borrower to such Lender resulting from the Contract Advances made by such Lender to the Borrower.

  • Advance Purchase Agreements means (a) an advance or deferred purchase agreement if the agreement is in respect of the supply of assets or services and payment in the normal course of business with credit periods which are normal for the relevant type of project contracts, or (b) any other trade credit incurred in the ordinary course of business.