ISBP상의 보험서류의 심사기준

Examination Criteria on the Compliance of Insurance Document in the ISBP

The purpose of this article is to provide the documentary credit practitioners with the examination criteria on the compliance of insurance document in the ISBP. Insurance Documents required in the letter of credit operations are insurance policy and insurance certificate. Insurance policy is the most commonly used document that contains all the details concerning the goods, coverage, premium and the insured value. The signed insurance policy will become the legal document that serves as the shipping document evidencing insurance cover. But insurance certificate is the evidence that cover has been effected under an open policy. The examination criteria on the compliance of insurance document is be a great help to the documentary practitioners in reducing the disputes in connection with the letter of credit transactions.