INSURANCE COVER AMOUNT EUR91,314.89 vs EUR91,314.894

SOOEYOUNKIM · Post by **SOOEYOUNKIM** » Thu Dec 11, 2008 12:00 am

We have a letter of credit that asks for an insurance certificate for 110% of invoice value. The invoice is for EUR83,013.54 110% of the invoice value is EUR91,314.894 . The shipment has been insured for EUR91,314.89 which is EUR0.004 is less. This has been called as a discrepancy as it has been insured for LESS than 110%. (109.999%). I believe that this is a discrepancy as it has just not been covered minimum 110%. I did find one thing on insurance for 115% and 120% but it did not really cover this issue. Can anyone help me with a ruling on this?

Thanks
Sung-Jun

DanielD · Post by **DanielD** » Thu Dec 11, 2008 12:00 am

Dear Sung-Jun
There is a Docdex (number 241).
Packing list stated weight 1627.7, B/L 1627.--. According to the majority of experts: no discrepancy. "De minimis rule" has been invoked. May be the same conclusion could be reached with you ins. doc.
Daniel

DonSmith · Post by **DonSmith** » Thu Dec 11, 2008 12:00 am

This is not a discrepancy. The Euro is not carried to 3 decimal points. How would someone pay .004 of a Euro?