Declaration Under Open Cover
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sagar1984
- Posts: 21
- Joined: Fri Sep 25, 2009 8:19 pm
- First Name: SAGAR
- Last Name: LOTANKAR
- Organization: SPARSH BPO SERVICES
- Filter: Two Plus Two =: 4
Declaration Under Open Cover
As per documentary credit terms insurance policy/certificate needs to be presented, Whereas declaration under open cover has been presented duly signed by insurance company. Will it will be treated as discrepancy?
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picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
Declaration
Hi Pals,
IMHO, declaration under an open cover must be made by the insured party to the insurance company, declaring that towards a specific open policy , you are insuring a certan Cargo, specifying all necessary details. I think that is used when Insrance cover is provided by the buyer.
So, insurance certificate is to be presented by the seller on its own insurance policy(or forwarder, etc) whilst declaration is presented by the seller but against an open policy provided by the buyer(plus other interested, banks, etc)
Other comments appreciated
Ciao
IMHO, declaration under an open cover must be made by the insured party to the insurance company, declaring that towards a specific open policy , you are insuring a certan Cargo, specifying all necessary details. I think that is used when Insrance cover is provided by the buyer.
So, insurance certificate is to be presented by the seller on its own insurance policy(or forwarder, etc) whilst declaration is presented by the seller but against an open policy provided by the buyer(plus other interested, banks, etc)
Other comments appreciated
Ciao
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hardy2175
- Posts: 34
- Joined: Mon Jun 13, 2011 12:23 pm
- First Name: hardy
- Last Name: singh
- Organization: bank
- Filter: Two Plus Two =: 4
insurance policy certificat or declaration
IMO a policy is a much more comprehensive document as compared to a certificate or a declaration (in that order) . I believe a declaration under open cover cannot substitute a policy .
I am not sure whether a declaration can substitute a certificate . My guess is no because a certificate issued by the insurance company / agent would be more acceptable rather than a declaration by the party to the insurance co.
I am not sure whether a declaration can substitute a certificate . My guess is no because a certificate issued by the insurance company / agent would be more acceptable rather than a declaration by the party to the insurance co.