BUSINESS TERM: "Cover Note"
Whether you are looking to buy a business or sell your own business, it is important to familiarise yourself with common business terms. As part of your education process in this area, understanding the meaning of a cover note may serve you well.
A Cover Note is a temporary certificate of insurance issued by an insurance company as an interim immediate insurance cover until a formal document is issued
A cover note is issued usually for 14 or 30 days. During this time insurers may require additional information about you and the business or a detailed proposal form to be completed. Once this information is provided and the policy is paid for the temporary cover transfers to an annual insurance policy.
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