LC calls for presentation (among other documents) of Bill of Lading covering shipment from AAA Port to BBB Port, Marine Cargo Insurance Policy for 110 % of invoice value, covering all risks.
Documents presented:
+Bill of Lading covering shipment from AAA Port to BBB Port, bearing notation ‘goods are transshipped at CCC Port’
+Marine Cargo Insurance Policy: specific box ‘transshipped at’ left blank, all other details are in compliance to the LC terms.
Is presented Insurance Policy discrepant?
Is there a possible ground for rejection of claims by the insurance company in case of loss or damage while transshipment at CCC Port?
Look forward to your comments.
Insurance Policy, Transshipment
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PetrovSergey
- Posts: 4
- Joined: Fri Apr 05, 2019 5:26 pm
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KimChristensen
- Posts: 404
- Joined: Fri Apr 05, 2019 5:21 pm
Insurance Policy, Transshipment
Dear Vladimir,
Good question. I accept that the insurance document is not a mirror image of the B/L – but I do not think that the two are inconsistent.
Further it seems to me that the insurance document complies with ISBP paragraph 188; i.e. covers the risks between the ports mentioned in the credit...
Or in other words: I would accept the document.
Best regards
Kim
Good question. I accept that the insurance document is not a mirror image of the B/L – but I do not think that the two are inconsistent.
Further it seems to me that the insurance document complies with ISBP paragraph 188; i.e. covers the risks between the ports mentioned in the credit...
Or in other words: I would accept the document.
Best regards
Kim
Insurance Policy, Transshipment
Vladimir, I cannot see that the fact that the insurance document makes no reference to transshipment could be considered a breach of the express terms of the credit or the UCP. Possible rejection of claims by the insurance company in case of loss or damage while in transshipment at CCC Port has no bearing on the question of compliance.