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cover note

A cover note is a document used to provide evidence of insurance if policy documents are not immediately available.

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Additional Information

This term is most commonly used outside the United States. It generally shows the name of the insurer and insured, brief details of the property or risk insured, the coverage, and the total amount of insurance. It is similar to a "binder" in US insurance parlance. It is also a binding reinsurance confirmation in the form of an "adhesive contract"—that is, not requiring signature by the ceding company to be valid. Operates like a binder/declarations page, providing details about the type of reinsurance, form of contract, lines of business reinsured, effective date, cancellation provisions and territory, commissions, and exclusions.

Related Terms

A binder is legal agreement issued by either an agent or an insurer to provide temporary evidence...

The declarations is the front page (or pages) of a policy that specifies the named insured,...