ICC Digital Library Forum

Dear All,

I need to have some comments regarding the insurance policy presented under a credit subject to UCP600
Policy Details:
Max. Limit of Liability: Usd284311,79 (for 110 pct of invoice value)
Coinsurance:
Coinsurers
ABC Insurance co. %60 sum insured USD 170587,07
XYZ Insurance co. %40 sum insured USD 113724,72
Total %100 sum insured USD 284311,79

AND SIGNED BY ABC Insurance Co.

other terms are in accordance with the DC terms.
++what do you think about the insured amount does covers the %110 of invoice value(i.e.USD284311,79) or %60 (i.e.USD113724,72)
++another quesition, is it expeciting that the insurance policy to be also signed by the XYZ Co.
.
Rgrds
AK

Hi,

1) 110%

2) Insurance document signed by ABC Insurance Co. is OK if it signs on behalf of itself and XYZ Insurance Co.
Check the document and you may find the following wording or similar in the signing box : “IN WITNESS thereof, the undersigned, acting on behalf and under the authority of the underwriters listed above have hereto set their hand…”

3) There is no need for the document to be signed by XYZ Insurance Co. The document can be signed by a broker on behalf and under the authority of the underwriters (ABC Insurance Co. and XYZ Insuarnace Co.).

Regards,
N.H.Duc