Insurance Policy

AbdulkaderBazara · Post by **AbdulkaderBazara** » Sat Jul 29, 2006 1:00 am

An insurance policy is dated after the date of the bill of lading / shipment date and does not show the effective date in accordance with article 34 (e); however, it gives the bill of lading number, the name of the vessel, the voyage and the description of goods in conformity with the bill of lading. Believe the information provided by the insurance policy gives sufficient details to relate it to a specific shipment which is not in anyway secondary to indicating the effective date.

Appreciate your comments.

Regards

JudithAutié · Post by **JudithAutié** » Sat Jul 29, 2006 1:00 am

Hi

Although the insurance policy may give all the information you mention, if it does not specify that cover is effective on the date of shipment at the latest, it is not acceptable for me under the UCP.

Para 189 of the ISBP just restates Art 34e, so no hope there either.

Regards
Judith

AbdulkaderBazara · Post by **AbdulkaderBazara** » Sat Jul 29, 2006 1:00 am

Thanks. I agree with you that the insurance policy isn't acceptable under UCP but I was just looking at it from the risk point of view. Would there be a possibility that the insurance company might not honour a claim due to reasons related to the date or effective date? If not, what are the reasons behind UCP 500 and the new UCP draft restricting the exception to the effective date only?

regards

KimChristensen · Post by **KimChristensen** » Sat Jul 29, 2006 1:00 am

Dear Abdulkader,

An interesting one indeed. I agree with Judith that this will not comply with UCP 500 – but unfortunately it seems also to be the case under 600. As I have argued many times I think this is out of line with industry practice – and therefore I would be rather sure that cover is indeed effective – but you should ask an insurance expert to verify this.

Best regards
Kim

[edited 7/29/2006 10:21:04 PM]