Hy Everyone,
Need you valuable opinion regarding one case.
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In LC there is requirement of I/C in such manner:
+INSURANCE POLICY OR CERTIFICATE,BLANK ENDORSED,ISSUED FOR AT LEAST 110 PCT OF CIF VALUE OF GOODS, COVERING FOLLOWING RISKS: INSTITUTE CARGO CLAUSES ''ALL RISKS'', INSTITUTE WAR CLAUSES (CARGO), INSTITUTE SRIKES CLAUSES (CARGO) FROM WAREHOUSE TO WAREHOUSE 1 ORIGINAL AND 1 COPY.
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In Original LC actually we have filled on Port of Loading and Port of discharge.
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Should Insurance doc anyway show place of taking and final dest. because of clause "FROM WAREHOUSE TO WAREHOUSE" that we have in requirements.
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Beneficiary presented Insurance doc and there is written that goods are insured from Port of Loading:xxx to Port of discharge:xxx.
Is that discrepancy.
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Thank you in advance.
Should Insurance Anyway Show Place Of Taking & Final Destina
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gegeeee
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picant
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Insurance vs transport
Hi Pal,
the insurance must cover the goods at least between the place of taking in charge or shipment and the place of discharge or final destination as stated in the credit.(UCP 600 art 28 f iii). If insurance cover additional risks does not mean that it is
discrepant: in case of damages occurred in transit(fm warehouse to warehouse) buyer will get refund.
If the insurance document is not showing FM WAREHOUSE TO WAREHOUSE, document is discrepant.
Other comments appreciated
Ciao
the insurance must cover the goods at least between the place of taking in charge or shipment and the place of discharge or final destination as stated in the credit.(UCP 600 art 28 f iii). If insurance cover additional risks does not mean that it is
discrepant: in case of damages occurred in transit(fm warehouse to warehouse) buyer will get refund.
If the insurance document is not showing FM WAREHOUSE TO WAREHOUSE, document is discrepant.
Other comments appreciated
Ciao
-
gegeeee
- Posts: 147
- Joined: Fri Jul 05, 2013 5:50 pm
- First Name: Gega CITF, CDCS
- Last Name: Topadze
- Organization: Bank of Georgia
- Filter: Two Plus Two =: 4
- Location: Tbilisi, Georgia
Ins.
Picant thanks,
To clarify, does only notation FR warehouse to warehouse is ok, or should it show with full adresses?
To clarify, does only notation FR warehouse to warehouse is ok, or should it show with full adresses?
-
picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
Fm Warehouse to Warehouse
Hi Pal,
I think it not necessary to insert the place of receipt and place of final destination. Insurance Company speaks about insurable interests, to obtain a refund. This is a subject of insurance industry, bankers or bank clercks are not required to have a deep knowledge of insurance terms and conditions. If a bank need to have an insurance document as caution for issuing a l/c, its
experts will word the request in the way that it keeps all required covers.
Ciao
I think it not necessary to insert the place of receipt and place of final destination. Insurance Company speaks about insurable interests, to obtain a refund. This is a subject of insurance industry, bankers or bank clercks are not required to have a deep knowledge of insurance terms and conditions. If a bank need to have an insurance document as caution for issuing a l/c, its
experts will word the request in the way that it keeps all required covers.
Ciao