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

Examples of Cover Note in a sentence

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

  • The Agreement together with the Contract Cover Note, the Annexure and any other documents referred to in it, constitutes the whole understanding between the parties relating to its subject matter, and supersedes any prior drafts, agreements and undertakings, whether in writing or oral, relating to such subject matter.A person who is not a party to the Agreement shall have no right under the Contracts (Rights of Third Parties) Act (Cap.

  • 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.

  • In consideration of Author / Copyright Holder grant of the license, Publisher & Label shall pay Author / Copyright Holder the fees as set out in the Contract Cover Note.

  • 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.

  • In consideration of Licensor’s grant of the license and delivery of the signed NOC, Licensee shall pay Licensor the Fees as set out in the Cover Note.

  • When we do so, we will send to your conveyancer a copy of the Cover Note.

  • No claims bonus Non-smoker Fire alarms Non-drinker Non-drinker Burglar alarms Member of Neighbourhood watch  A Cover Note • This is issued by the insurers when it is not possible to issue a policy immediately.

  • The Syndicate furthermore shall allow the Reinsured a profit commission, as specified in the Cover Note, on the annual net profit.

  • Any notice sent to the Company under this Policy and any notice sent to the Policyholder shall be addressed as described in Cover Note.

More Definitions of Cover Note

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

Related to Cover Note

  • Promissory Note means an instrument that evidences a promise to pay a monetary obligation, does not evidence an order to pay, and does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds.

  • 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 C.

  • Underlying Note means the one or more promissory notes executed by an obligor evidencing a Loan.

  • Subordinated Note means the Subordinated Note (or collectively, the “Subordinated Notes”) in the form attached as Exhibit A hereto, as amended, restated, supplemented or modified from time to time, and each Subordinated Note delivered in substitution or exchange for such Subordinated Note.

  • 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.

  • debit note means a document issued by a registered person under sub-section (3) of section 34;

  • Original Note shall have the meaning assigned to such term in the recitals.

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

  • B Note means, with respect to any A/B Mortgage Loan, the related subordinated Mortgage Note not included in the Trust, which is subordinated in right of payment to the related A Note to the extent set forth in the related Intercreditor Agreement.

  • 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;

  • Demand Note means the note issued by the rating authority, in relation to the premises for the purpose of levying non-domestic rates prescribed by Scottish Ministers for the financial year, in respect of which a claim is made under this Determination;

  • 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.

  • Note Purchase Agreement means the Note Purchase Agreement, dated as of the Issuance Date, among the Company, the Subordination Agent, the Escrow Agent, the Paying Agent, and the Pass Through Trustee under each Pass Through Trust Agreement providing for, among other things, the issuance and sale of certain equipment notes, as the same may be amended, supplemented or otherwise modified from time to time in accordance with its terms.

  • Note Purchase Agreements means (i) that certain Note Purchase Agreement, dated as of April 16, 2014 among the Parent, the Borrower, and the purchasers party thereto, (ii) that certain Note Purchase Agreement, dated as of December 18, 2014 among the Parent, the Borrower, and the purchasers party thereto, and (iii) that certain Note Purchase Agreement, dated as of June 13, 2018, among the Parent, the Borrower, and the purchasers party thereto, in each case as amended from time to time.