insurance certification

dua · Post by **dua** » Tue Jul 07, 2009 1:39 pm

Hi all,
I have one question to you. hope to receive your answers asap. Thanks in advance
under Article 28b.UCP 600 "when the insurance document indicates that it has been issued in more than one original, all originals must be presented"
And our L/c stipulated that "insurance policy/certificate in assignable form and endorsed in blank ... in one original"
But on face of presented insurance cert indicate that issued in 2 originals
In your opinion, that is discrepancy? Pls give us some revelant case study.
Thanks so much

picant · Post by **picant** » Tue Jul 07, 2009 5:15 pm

Dear Pal,

no real case in my library, but I think that ISBP 681 points 28 and 29 could help.

Other comments appreciated

Ciao

dua · Post by **dua** » Wed Jul 08, 2009 9:49 am

I know that in ISBP 681, 28 and 29 said that but I wonder that in this case, we must comply with UCP600 but our issued L/C stipulated. So that it's quite difficul for me to solve it, discrepancy or not?

ajoy · Post by **ajoy** » Wed Jul 08, 2009 11:25 am

Dua,

( This is a repeat post as the previous one seems to not have posted)

Yes it is a discrepancy going by UCP and ISBP.

However, it seems like ' bad service ' by IB to first ask specifically for 1 original ( thus confusing /misleading the Bene though inadvertendly) and then quoting a discrepancy when bene submits 1 original.

Personally I would not quote it as a discrepancy unless
1) I check with applicant and applicant wants to quote it as discrepancy
( It is quite possible that applicant has already recieved the remaining original from the bene in which case there is no risk involved and applicant would accept this discrepancy even if IB quotes the same)
2) Or if I had reason to believe that applicant is unable to reimburse the IB under this LC ( maybe applicant is going bankrupt or there is already some dispute between applicant and bene of LC)

Other comments welcome.

MMM · Post by **MMM** » Thu Jul 09, 2009 6:13 pm

Hi all

As per ISBP as I can remember article no 28 all originals should be presented (two originals) otherwise it will be discrepanct doc

MM
CDCS

jmitra · Post by **jmitra** » Fri Jul 10, 2009 8:24 pm

in my opinion, the insurance policy is not discrepant. if insurance policy is issued in more than one copy, the the defult rule applies; all the insurance policy must be submitted. this situation is similar to full set of bill of lading. if the lc calls for "bill of lading in one copy", then presentation of one bill of lading will comply. then why not insurance policy?

abdu · Post by **abdu** » Sun Jul 12, 2009 8:37 pm

Hello Buddy,

UCP clearly states when the insurance document states the no. of originals it is presented that number should be presented.
In my opinion it is discrepant
Insurance document is a document of title and I think thats the reason they have made such a provision.

While I totally agree the applicant can be approached for waiving the discrepancy, it still remains a discrepancy...

Best Regards