Insurance-different industry

picant · Post by **picant** » Wed Dec 16, 2009 8:22 pm

Hi Pals,

An issuing bank rejected documents as the Insurance Document, dated november 11, 2009 where bill of lading dated november 26, 2009, contains an indication "shipment on or about november 11,2009. Art 28 e UCP 600 is clear, insurance document m ust be dated(or valid) before shipment, but, may be, the issuing bank refers to art. 3 explaining the expression "on or about". IMHO this interpretation refers only to the wording of an l/c and cannot regulated other Industries, in this case Insurance System.

I will appreciated any comment from the Community.

Thanks and regards

coopermoon · Post by **coopermoon** » Sat Dec 19, 2009 3:43 am

Hi Picant,
In my opinion issuing bank's rejection is completely and certainly wrong.. no need to decide any other last date for shipment commenting on the wording because lc already has a latest date of shipment.. as you indicate they must have referred to article 3 but here in this situation it is a poor decision to apply that.. this issuing bank must have looked if the insurance doc had a validity date that would not cover delivery to the applicant/its premises..
Regards..

iLC · Post by **iLC** » Sat Dec 19, 2009 9:38 am

dear picant,

thats indeed a very tricky question. first of all, i was thinking that one may in fact refuse the bill of lading as the date of shipment is not specific.

just consider a case. latest shipment date was 11 November. would you accept the bill of lading. i believe most wont. if we can refuse the bill of lading, why not the insurance document.?
but i must the say that problem is in the bill of laing and not the insurance document. while im saying so, i confess im not very much confident as ICC may have already given a very different crappy opinion.