Does A Marine Surveyor Qualify As An Insurance Agent In UCP

[RAKESHCH]

Hello Everyone,

Please share your views regarding this case.

We advised an LC issued by Bank A in country X subject to UCP600 that calls for ''An insurance policy or certificate in negotiable form issued showing premium paid, stating full name and address of it's agent in country X, blank endorsed and showing all claims payable at destination for the full invoice amount + 10% covering all risks, institute cargo clause (A).Short Form/blank back insurance document is not acceptable''

The beneficiary K presented an Insurance Certificate in the following format:

1) Benefiary K's name appears inside the box with pre-printed words ''Issued to Open Cover
Holder:''
2) Although the document is titled ''Insurance Certificate'' the document bears the words ''Insurance issued under Open Cover No. 123'' on its face.
3) The insurance document copied the LC text highlighted in blue above word for word.
4) There is no insurance agent in country X indicated on the document. Instead, there is a box
with preprinted words ''Survey Agent'' filled out with with the name XXX International
Surveyors.
5) The document indicates no terms & conditions of insurance, both at the front or back.
6)The document has a blank endorsement (signed & stamped by Beneficiary K at the back)

Question:
-Considering points 1 and 6 above, is this a properly endorsed negotiable insurance doc?
-Does a marine surveyor qualify as an insurance agent under UCP?
-Is there such a thing as blank back insurance document?
- From 2 above, should we consider the document an open cover or insurance certificate?
- By copy-pasting LC text onto the insurance document, is the requirement to state claims are
payable in country X met or not?

[picant]

Hi Pal,

Do not treat an insurance document asa a bill of lading.
The agent is ok.
certificate does not contain insurance terms and condition, except to the insurance clause.
NEGOTIABLE means that the document may be endorsed in favour of the buyer if indicate the seller/beneficiary as insured.
The certificate is always issued as per an open cover insurance(POLICY).
The short Form/blank back refers to bill of lading.
Other to follow