The TW automatic insertions of {Ref# Co ###}{nocoverpage} into the Outlook email body for fax services (i.e. SRfax) that don't require this formatting as some other fax services may require results in three additional steps to send a fax. This essentially defeats the automation aspect of the New->Fax button.
Additionally, if staff forget to remove this from the body of the Outlook email, then the recipient likely will be confused as to this random reference number that has nothing to do with the case in chief. (Fax Ex with unnecessary TW automated Ref No and Coverpage).
The reference # is an internal number that uniquely identifies the document. Ref # Co 125 is Correspondence document. This is a number customer can use to identify the document that was received.