An insurance cover note is offered by an insurance company to the policy holder or customer that is based on a number of information about the features of an insurance policy and is evidencing the issuance of a particular policy to the policyholder. An insurance cover note is basically based on information including the name of the policyholder, the insured risk, to coverage that is offered by the policy and the total amount of insurance in a brief manner. In many places, an insurance cover note is also known as a certificate of insurance. These notes are usually sent out on the same day the policy is accepted and usually takes about 24 hours in sending out.
An insurance cover note is important enough because it helps you in understanding the type and coverage of your purchased insurance policy. For example, if you want to purchase a home insurance policy, you have to choose the property protection policy or the home liability insurance. Both have their own coverage and charges. An insurance policy cover note also specifies the renewal period or the validity date of an insurance policy. When the specific period of insurance cover notes become close to over, the insurance company then sends notification to the policyholder to renew the policy and sent out a new insurance cover note or certificate to the purchaser for the next period of times.
A Sample Insurance Cover Note DATE
PRODUCERWrite the name and address of the insurance company THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLYAND CONVERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS
CERTIFICATE DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE
AFFORDED BY THE POLICIES BELOW
INSURED AFFORDING COVERAGE Insurer A: INSURED Name and address of the Policyholder/Insured Insurer B: Insurer C: Insurer D: Insurer E:
THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICNOTWITHSTANDING, ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACTOR OR OTHER DOCUMENT WITH RESPECT TO WHICH CERTIFICATE MAY BE ISSUED OR MAY PERTAIN. THE INSURANCE SAFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALTERMS EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. AGGREGATE LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.
SN Type of Insurance Policy number Policy effective date Policy expiry date Limits X X
CERTIFICATE HOLDER CANCELLATION STATEFULL NAME/COMPANY NAME/ADDRESS
SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BECANCELLED BEFORE THE EXPIRATION DATE THEREOF, THE
ISSUING COMPANY WILL ENDEAVER TO MAIL 30 DAYS
WRITTEN NOTICE TO THE CERTIFICATE HOLDER NMAE TO
THE LEFT, BUT FAILURE TO DO SO SHALL IMPOSE NO
OBLIGATION OR LIABILITY OF ANY KIND UPON THE
INSURER, ITS AGENTS OR REPRESENTIATIVES.
Guidelines of making an Insurance Cover Note
Insurance cover notes are created by the officials of an insurance company and each company has its own format and preferences by writing an insurance cover note. Usually, an insurance cover note is based on the following information.
- Date and information about the company and insured
- Terms regarding an insurance cover note
- Information regarding the type and validity of an insurance policy
- Information about the cancellation of the policy.