Insurance Certificate Coverage Given 80 Percent Of Invoice Value

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Praveen
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Insurance Certificate Coverage Given 80 Percent Of Invoice Value

Post by Praveen » Tue Jul 26, 2016 12:33 am

Hi Experts,

Good Day, I have processed one issuance in this insurance certificate coverage given 80 percent of invoice value but as per ucp 600 it should be 110 percent value. Please advise is it discrepancy?

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picant
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If not stated...

Post by picant » Tue Jul 26, 2016 10:47 am

Hi Pal,

as per art 28 f ii, if not expressly required in the l/c , insurance coverage must be minimum 110%.
So it is!
Ciao

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dhiraj1986
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Go through the DC terms & conditions....

Post by dhiraj1986 » Tue Jul 26, 2016 5:35 pm

Hi Pal,
Please go through the Documentary Credit's Terms & Conditions... If it states anything that should be followed, Otherwise it should be 110% of CIP or CIF value according to UCP 600 Article - 28 f (ii).
So, If it is not stated in L/C, Yes, It's a discrepancy...

quang
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Post by quang » Wed Aug 24, 2016 8:06 pm

Yes, It's aparently discrepant

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