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Insurance Document Discrepancies

On this page you can find most common discrepancies under an insurance policy or an insurance certificate. 





































Important Definitions Regarding the Insurance Documents under Latest Letter of Credit Rules:

  • An insurance policy, insurance certificate or declaration under an open cover will be examined by banks as per UCP 600 article 28.
  • An insurance policy, an insurance certificate or a declaration under an open cover, must appear to be issued by an insurance company, an underwriter or their agents or their proxies.
  • An insurance policy, an insurance certificate or a declaration under an open cover, must appear to be signed by an insurance company, an underwriter or their agents or their proxies.
  • Presentation of cover notes will not be accepted instead of presentation of insurance policies, insurance certificates or declarations under an open cover.
  • An insurance policy is acceptable in lieu of an insurance certificate or a declaration under an open cover.
  • The date of the insurance document must be no later than the date of shipment, unless it appears from the insurance document that the cover is effective from a date not later than the date of shipment.
  • The insurance document must indicate the amount of insurance coverage and be in the same currency as the credit.
  • The insurance document must indicate that risks are covered at least between the place of taking in charge or shipment and the place of discharge or final destination as stated in the credit.

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According to Incoterms 2010 CIF and CIP trade terms the exporter must provide an insurance policy or an insurance certificate to the importer as agreed in the sale contract at his own expense. as a result insurance documents should be required  by commercial letters of credit which are issued based on CIF or CIP sales contracts.
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Insurance Policy Discrepancies