Best Trade Solution

Hi friends,

We issued LC requiring an Insurance Policy.... and we received a document titled as "Certificate (Policy) of Marine Insurance". Details of the documents comply with LC however, on the document it is stated :

"This is to certify that insurance has been granted under above Open Cover.... There is no Policy Number but Open Cover No stated on the document.

We refused the document claiming that this is not a policy? However, presenting bank rejects our discrepancy insisting that this is an insurance policy.

What you think?

Regards

though its not wise to comment without having a look at the presented document, but apparently it seems that its a insurance certificate. i think you should stick to your refusal advice

there is no established format for insurance document. nevertheless, there are few things that must be taken into account. An insurance certificate is issued by the insurance company against an open policy. A certificate of insurance owes its existence by referring to another insurance document, the "open" policy. in this case the insurance document has similar characteristics by pointing to some other document. i think its a insurance certificate and therefore should be rejected

Document is discrepant.

Hi friends,

Debate about the insurance document (i.e. whether certificate or policy) still continues. As applicant accepted discrepancy, we withdrew our refusal to solve the matter. But I want to learn the truths, how I can differentiate certificate from policy? The attached document, I hope, may help...

Regards

i am not a great expert of insurance. but i believe that its a insurance certificate. the fact that the tile shows (policy) is not important under the doctrine of "however named"