Dear members Lc issued requesting insurance policy or certificate without indicating coverage of 110 percent. Documents presente with a insurance policy indicates that it covers exportation up to $800,000.00
Presentation is for $40000.00 only
Issuing bank is refusing documents indicating that insurance missing to indica 110 percent invoice value.
Please provide your expertise thoughts and corresponding article to support your point of view
Issuing Bank Refused Insurance Policy Missing 110 Percent
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TradeLaporte
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Navi
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ucp 600, 28f,ii
Hi,
As per UCP 600, 28 f,ii ( and ISBP K12): the amount of insurance coverage must be at least 110 % of the CIF or CIP invoice value, even there is no indication in the credit of the requested insurance coverage.
As per UCP 600, 28 f,ii ( and ISBP K12): the amount of insurance coverage must be at least 110 % of the CIF or CIP invoice value, even there is no indication in the credit of the requested insurance coverage.