I don't see any difference between '110% of invoice value' and 'invoice value+10%', in my opinion the addition of '+10%' does not mean 'exact'. if issuing bank wish that the coverage insurance amount to be exaclty for a fixed amount it should stipulate the word 'exact' after the percentage requireme...

in your a/m case the credit required insurance coverage for a percentage of 110 pct of invoice value. article 28f.ii. relates exactly to your case and confirm that requirement of insurance coverage for a percentage of invoice value is deemed to be the minimum amount required for insurance coverage. ...

ucp600 article 28f.ii. state : a requirement in the credit for insurance coverage to be for a percentage of the value of the goods, of invoice value or similar is deemed to be the minimum amount of coverage required. as l/c does not exclude this article, the presented insurance document is complied ...

hi judith,
thanks for your reply, i agree with your opinion and comments.....

a letter of credit requests a warranty bond to be presented as a document, among other documents, indicating only the amount of warranty to be issued. upon presentation of documents at the counters of the issuing bank it was noted that the warranty bond presented already expired (issued for only 2 w...