DEFINITION Insurance policy is an evidence of insurance issued to the insured by the insurer, an evidence of lodging and accepting a claim and an important.

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Presentation transcript:

DEFINITION Insurance policy is an evidence of insurance issued to the insured by the insurer, an evidence of lodging and accepting a claim and an important document for negotiation on CIF basis. On the other hand, its also a contract which stipulates both parties rights and responsibilities. Unit 7 Insurance Policy

FORMS Insurance policy Open policy/ open cover Insurance certificate Insurance declaration Combined certificate

Contents 1.Number of Originals 7. Amount Insured 5. Description of Goods 3. Invoice Number It should be made according to L/C stipulations. When there is no stipulation in the L/C, exporters usually submit a full set of insurance policy, which covers one original and one duplicate. It should be the given number by insurance company. It should keep the same as that in the invoice. It should be made according to L/C stipulations. When there is no stipulation in the L/C, exporters usually submit a full set of insurance policy, which covers one original and one duplicate. It can use the general name of goods and keep the same as that in the L/C. 6.Packing, Unit, uantity It is the number of the biggest packages,quantity and unit. The amount usually will be 110% of the invoice value. Usually the insurance company should stamp the insurance clauses at the requirements of the insured.

Contents 9. Marks of Goods 15. Insurer 13. Sailing on or about 11. Premium It should be the same as that in the L/C and the relevant invoice. It should be the total amount in words. Usually the insurance company will print as arranged on the insurance policy. If L/C asks for details, premium shall be specified. The name of the vessel and second ship (in case of transshipment) will be specified.As per B/L can be also filled in. It can be the issuing date of B/L, or any date within 5 days before or after the issuing date or As per B/L date. 14. From….To It should be the port of shipment and port of destination. It should be the stamp of the insurer, and the signature of the person in charge. It should comply with the L/C. If there is no stipulation in the L/C, it will be the port of destination for the purpose of claim. The currency should also be indicated. 10. Total Amount Insured 12. Per Conveya nce S.S. 16. Claim Payable at

Contents 9. Marks of Goods 15. Insurer 13. Sailing on or about 11. Premium It should be the same as that in the L/C and the relevant invoice. It should be the total amount in words. Usually the insurance company will print as arranged on the insurance policy. If L/C asks for details, premium shall be specified. The name of the vessel and second ship (in case of transshipment) will be specified.As per B/L can be also filled in. It can be the issuing date of B/L, or any date within 5 days before or after the issuing date or As per B/L date. 14. From….To It should be the port of shipment and port of destination. It should be the stamp of the insurer, and the signature of the person in charge. It should comply with the L/C. If there is no stipulation in the L/C, it will be the port of destination for the purpose of claim. The currency should also be indicated. 10. Total Amount Insured 12. Per Conveya nce S.S. 16. Claim Payable at

Contents It should be the place of beneficiary. 19. Address The name and address of an agent of the insurance company at port (place) of destination should be mentioned here for the sake of the insured. The consignor should make an endorsement on the overleaf of the policy so as to transfer all rights of it to the consignee. 18. AT 20. Agent of the Insurance 17. Date 21. Endorsement It is the address of insurance company. It is the issuing date of insurance policy, not later than the date of B/L.