Timing cover - gears vs. chains
Moto Guzzi V700, V7 Special, Ambassador, 850 GT, 850 GT California, Eldorado, and 850 California Police models
I extracted this information from Mark Etheridge of Moto Guzzi Classics off of the Yahoo! Loopframe_Guzzi news group. In Mark's own words...
There are two different covers: chain or gear. Gear covers like yours has webbing at the top that will interfere with the chain...chain covers don't have the webbing. Just smack the webbing sideways with a hammer and they will snap off, then hit the remains with a grinder.