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 document summarizing the terms and conditions of an or several insurance policy or policies brokered by Orbis on behalf of the Client.

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;

Examples of Cover Note in a sentence

• In the event that the premium due is not paid to the Company (or the intermediary through whom this Policy, Renewal Certificate, Cover Note or Endorsement was effected) on or before the Inception Date, then the Policy, Renewal Certificate, Cover Note and Endorsement shall not attach and no benefits whatsoever shall be payable by the Company.

• Notwithstanding anything herein contained but subject to clauses 2 and 3 hereof, it is hereby agreed and declared that the premium due must be paid to the Company (or the intermediary through whom this Policy, Renewal Certificate, Cover Note or Endorsement was effected) on or before the inception date (“the Inception Date”) of the coverage under the Policy, Renewal Certificate, Cover Note or Endorsement.

• It is hereby agreed and declared that the total premium due must be paid and actually received in full by us (or the intermediary through whom this policy was effected) on or before the inception date of the coverage under the policy, Renewal Certificate, Cover Note or Endorsement.

• If the policy documentation is not available by the policy start date the Insurer must issue an Insurers produced Cover Note.

• This Policy shall become effective at 00:00 midnight Bahrain time on the date specified in Cover Note, and will be continued in force by the timely payment of the required Premiums when due, subject to termination of this Policy as provided herein.

• The eligibility conditions stated in Cover Note are in addition to those specified in Section 2 of the Policy.

• Any payment received thereafter shall be of no effect whatsoever as cover never attached on the Policy, Renewal Certificate, Cover Note and Endorsement.

• If the policy documentation is not available by the policy start date the Insurer must issue a Cover Note.

• It is understood and agreed that the Property Manager named in the Cover Note who obtained this Group policy and paid the premium therefor did so on behalf of and as agent or trustee for each landlord/owner who has elected to purchase insurance for his/her Property and Liability.

• We request that you review this Cover Note with regard to the specific placement details and subscribing Reinsurers listed herein.

More Definitions of Cover Note

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.

Cover Note means an interim contract of insurance issued by Our office.

Cover Note means the portion of the Agreement termed as “Agreement Cover Note” which sets out some of the key terms of the Agreement.

Cover Note means a document between the reinsured and the reinsurance broker in which the broker informs the reinsured (its client) of the cover that has been obtained and hence the performance by the broker toward discharging its contractual duty of obtaining a cover;

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;