Dear all,
Can someone explain the insurance cover note and reason for non acceptance as per UCP 28c.
Thanks.
Insurance Cover Note
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ahmad
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danohng
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Cover note not acceptable under UCP 28(c)
Insurance cover note was normally issued by broker showing the terms of the cover to be issued by the insurer upon a party seeking for an insurance cover. The broker in this case act as an agent for the party seeking to be insured instead of the agent for the insurer and the cover does not come into effect until the insurer issues its policy or certificate. As such it is not acceptable under UCP.
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vivian
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Insurance cover note
Normally, cover note is issued by broker, but he/she is not the agent of the insurance , he/she has not any responsibily for insurance company . and he/she will not pay to insured party.