International payment 4 th Edition World Trade Press
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- Notes on Insurance
| Notes on Insurance
3. The insurance document is typically issued in duplicate and, if so, both originals must be presented with the document package. 4. The insurance document must be issued by an insurance company or its agent. Cover notes issued by brokers are not acceptable unless authorized in the credit. Banks will, unless otherwise stated in the credit, accept an insurance certificate under an open insurance cover which is presigned by the insurance company or underwriter. 23 Notes on Insurance 5. The insurance document must indicate that the cover is effective at the latest from the date of loading of the goods on board a transport vessel or the taking in charge of the goods by the carrier, as indicated by the transport document (bill of lading, etc.). 6. The insurance document must specify coverage for at least 110 percent of either: (a) the CIF or CIP value of the shipment, if such can be determined from the various documents on their face, otherwise, (b) the amount of the payment, acceptance, or negotiation specified in the documentary credit, or (c) the gross amount of the invoice. 24 Notes on Insurance 7. The insurance currency (e.g., US dollars, Japanese yen, etc.) should be consistent with the currency of the documentary credit. 8. Even if the buyer has responsibility under the contract to insure the shipment, the seller still may wish to take out contingency coverage to cover the possibility that the insurance steps taken by the buyer are inadequate. 9. If a documentary credit calls for an insurance document specifying "insurance against all risks," the banks will accept an insurance document containing any "all risks" notation or clause, even if the document indicates that certain risks are excluded. 25 |