Dear All,
What is the difference between Insurance Cover Note and Insurance Open Cover.
Thanks.
Cover Note and Open Cover
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ahmad
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danohng
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Insurance open cover and cover note
Insurance open cover - an arrangement with the insurer that enable the beneficiary to obtain automatic cover for all their export shipment up to a specified maximum value during a specific period cover under the arrangement.
Insurance cover note - a document showing the terms of the cover to be issue by the insurer, normally provide by the broker as agent for the insurer. The cover does not effective until the insurer issues its policy or certificate.
Insurance cover note - a document showing the terms of the cover to be issue by the insurer, normally provide by the broker as agent for the insurer. The cover does not effective until the insurer issues its policy or certificate.