Hi
when a insurance policy required a insurance certificate is acceptable as per ucp art.28
insurance certificate i/o insurance policy
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edilee
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picant
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Insurance Policy or certificate
Hi Pal,
Insurance policy will be accepted under UCP 600, in lieu of Insurance certificate, but not viceversa. In the ICC UCP World Insurance policy is better than an insurance certificate, but, in insurance world, in some countries, they have the same effect.
Insurance policy represent the mother insurance contract, in different ways as per insurance industry, certificate is an application to the mother contract.
Bankers or better documents checkers have a general knowledge on insurance and they have to act as per UCP.
Other comments appreciated
Ciao
Insurance policy will be accepted under UCP 600, in lieu of Insurance certificate, but not viceversa. In the ICC UCP World Insurance policy is better than an insurance certificate, but, in insurance world, in some countries, they have the same effect.
Insurance policy represent the mother insurance contract, in different ways as per insurance industry, certificate is an application to the mother contract.
Bankers or better documents checkers have a general knowledge on insurance and they have to act as per UCP.
Other comments appreciated
Ciao
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Trang
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insurance certificate i/o insurance policy
[quote="picant"]Hi Pal,
Presentation of an insurance certificate is not acceptable if the credit requires an insurance policy. It is understood that whilst an insurance certificate provides proof of insurance, in the case of a claim, if there is any discrepancy between the policy and the ceritificate, the policy will prevail. therefore, in any cases, insurance certificate presented i.o insurance policy not acceptable.
Trang
Presentation of an insurance certificate is not acceptable if the credit requires an insurance policy. It is understood that whilst an insurance certificate provides proof of insurance, in the case of a claim, if there is any discrepancy between the policy and the ceritificate, the policy will prevail. therefore, in any cases, insurance certificate presented i.o insurance policy not acceptable.
Trang