Difference Between Insurance Policy And Insurance Certificate

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SANUSILAMIN
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Difference Between Insurance Policy And Insurance Certificate

Post by SANUSILAMIN » Mon Sep 18, 2017 3:28 pm

DEAR EXPERTS

I AM LOOKING FOR MORE INFO ABOUT THE DIFFERENCE BETWEEN "INSURANCE POLICY AND INSURANCE CERTIFICATE" .
IS INSURANCE POLICY PART OF INSURANCE CERTIFICATE ?

I HOPE GET YOUR ADVICE SOON.
REGARDS

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picant
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Re: Difference Between Insurance Policy And Insurance Certificate

Post by picant » Mon Sep 18, 2017 8:30 pm

Hi Pal,

insurance certificate is part of insurance policy.
Insurance policy may be isued for a single shipment,
multishipment(open) policy, for a complessive amount, for a certain period of time etc.
Being the policy covering more shipment a certificate is issued for each despatch-
Other comments appreciated
Ciao

doomsayer
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Re: Difference Between Insurance Policy And Insurance Certificate

Post by doomsayer » Mon Oct 02, 2017 9:05 am

as I know, the policy will be renewed annually and each shipment will be declared to the insurer, with details, against which an insurance certificate is issued.

kaushalkew
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Re: Difference Between Insurance Policy And Insurance Certificate

Post by kaushalkew » Tue Oct 10, 2017 3:12 pm

If an LC calls for an insurance certificate, then an insurance policy is also acceptable but the vive-versa is not true. An insurance certificate can not substitute an insurance policy.

cristiand969
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Re: Difference Between Insurance Policy And Insurance Certificate

Post by cristiand969 » Mon Oct 16, 2017 5:51 pm

Strictly speaking from a bank's checker point of view, the major difference (as far as I can saw as of now) is that the certificate of insurance makes reference in its content to the insurance policy number or other details related to the
policy.
The legal or other effects of the policy versus certificate can be explained by a lawyer specialized in insurance industry

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