ICC Digital Library Forum

I would appreciate the views of members as to whether a Letter of Credit which stipulates that the Insurance Certificate indicate that 'claims are payable in the currency of the Draft/Credit’ would be satisfied by a verbatim statement to this effect on the certificate or whether it would be expected that the actual currency that claims are payable in should be quoted (which should not be inconsistent with the actual currency of the Draft/Credit). In other words would literal compliance be acceptable in such circumstances?

The UCP clearly stipulates that :i.The insurance document must indicate the amount of insurance coverage and be in the same currency as the credit.

Consequently any insurance document would show the currency of the credit (and therefore of any draft). As such, a simple statement that payment would be made in the currency of the draft would be sufficient in my opinion.