Insurance Certificate issued by Beneficiary

[liangtcl]

Dear Experts,

LC called for "FULL SET OF INSURANCE POLICY/CERTIFICATE BLANK ENDORSED IN THE CURRENCY OF THE CREDIT FOR NOT LESS THAN 110 PERCENT CIF VALUE WITH CLAIMS PAYABLE IN APPLICANT'S COUNTRY COVERING THE FOLLOWING RISKS:......".

INSURANCE CERTIFICATE PRESENTED IN THE FOLLOWING FORMAT:
- WITHOUT LETTER HEAD OR ANY WHERE IN THE DOCUMENT INDICATING WHO ISSUE THE DOCUMENT
- WITHOUT ANY DATE OF ISSUANCE
- WITH TITLE "INSURANCE CERTIFICATE"
- INDICATING OPEN POLICY NUMBER, AND BOTH POLICY HOLDER AND ASSURED ARE THE BENEFICIARY
- INDICATING INVOICE NUMBER, INVOICE DATE, INVOICE AMOUNT, FULL DESCRIPTION OF GOODS AS PER LC, FULL VOYAGE, VESSEL AND SAILING DATE AS PER BL, AND FULL CONDITION AS PER LC (E.G. CLAIM PAYABLE... RISKS....).
- BENEFICIARY'S COMPANY STAMP AND SIGNATURE APPEAR AT THE BOTTOM
- COMPLETELY BLANK BEHIND THE DOCUMENT

Appreciate for opinions on the acceptability of such document and/or discrepancy(ies), if any.

Thanks.

[picant]

Hi Pal,

art 28 a. UCP 600 dictates the possibilities of issuing an insurance document.
The presented document seems not issued by an insurance company, underwriter, proxy or agents.
Discrepant!

(it seems to me a true declaration under an open cover, but not the one listed in the same UCP article)

Ciao

[liangtcl]

Thanks Sir, does it also mean that under the same insurance document, so long as the Beneficiary declared they are the proxy or agent on behalf of the insurance company (with full name), then it will be fully in compliance with the L/C condition?

Do we even consider if it is valid for the beneficiary to be self-declared as a proxy or agent in such case?