Troublemakers explain the terms of letter of credit insurance

Full set of policies. 1. Issued or endorsed to ABC company.

2., the name and full address of the applicant to be notified.

3. Insurance 110 invoice amount.

4. Warehouse-to-warehouse insurance for the following risks:

a London Insurance Institute cargo (a) provisions.

b.All risks.

c.The London Insurance Association Cargo (a) clause in the riot, strike, civil unrest clause and the war clause in the London Insurance Association Cargo (a) clause.

5. Shows that the claim must be in Istanbul, regardless of the free odds.

6. According to the insurance of the letter of credit, there must be no exclusion clause in the policy7. If the policy date is earlier than the date of shipment, the policy should be issued before or before the date of issuance of the bill of lading.

Riots, strikes, civil commotion and war provisions are special insurances that can be insured by insurance companies.

6 and 7 Please see the above explanation.

The entire set of policies. 1.The beneficiary is: The Order of ABC Company

3.Sum insured: 110% of the invoice amount.

4.Insurance:

All risks in cargo cluasesaRiot insurance, strike insurance, civil unrest insurance.

d.War risk.

5.The policy must state that the place of payment is istanbul, regardless of the deductible.

6.Regardless of the risks set out in the letter of credit, the policy must be free of exclusions.

7.If the bill of lading is issued earlier than the date of shipment, the date of issue of the policy must be earlier than or the same as the date of issue of the bill of lading.

Note: The above insurance companies have all the basic insurance companies, and I have underwritten in Pacific Insurance Company before.

A and B are duplicates, just vote for one, is this really your letter of credit stipulated? In addition, the insurance should be taken out before the sailing.

The letter of credit is not directly related to insurance - insurance is related to the first term, for example: the common FOB and CFR insurance are the responsibility of the buyer, then the letter of credit generally does not mention the insurance matters, and the CIF term transaction, and settled by the letter of credit, then, the letter of credit will generally stipulate the specific insurance mark-up ratio, insurance requirements, and the beneficiary is responsible.

Therefore, the letter of credit is not directly related to insurance. If the letter of credit has insurance provisions, the beneficiary must act in accordance with the provisions of the letter of credit.

Extended reading: [Insurance] How to buy, which one is better, teach you to avoid these insurance"pits"

Documentation requirements.

Demand bills are insured at 100% of the invoice amount.

A full set of clean loaded ocean bills of lading, blank letterhead, endorsement.

indusind bank ltd. a/c .For the beneficiary, quote our letter of credit number, date and shipping marks.

Freight collect, payment needs to be notified to the applicant and INDUSIND Bank Limited

The name of the consignee is shown on the air waybill as INDUSIND BANK Ltd a/c .Notify the applicant of the issuance.

An original certificate issued by the beneficiary or by any notary public is acceptable.

Three originals and three copies of the signed commercial invoice.

One original and two copies of the original certificate.

Three original bills of lading, three non-negotiable duplicate bills of lading.

Additional conditions:1Minor spelling errors and typographical differences should not be considered discrepancies. Small errors in value, volume, and quantity are not included.

2.The original documents should be delivered by the courier within 10 days of the date of the bill of lading.

Important is the following non-negitable list.

All documents must mention our letter of credit number.

All transport documents and invoices must mention the details of the import license.

In the legal relationship of credit insurance contract, the policyholder is the debtor of the credit loan. First of all, it is necessary to figure out the difference between guarantee insurance and credit insurance

The subject matter of their insurance is the credit risk of the guarantor, and the insurer shall be liable for economic compensation when the act or omission of the guarantor causes the right holder to suffer economic losses. Therefore, surety insurance is actually a guarantee business. Although guarantee insurance has the nature of guarantee, the object of guarantee is different for guarantee insurance and credit insurance in the narrow sense, and there is a difference between the two.

Where the guarantor, according to the requirements of the right holder, requires the insurer to undertake the insurance of its own (the insured's) credit, it is a guarantee insurance in the narrow sense; Where the right holder requires the insurer to guarantee the credit insurance of the other party (the guarantor), it is credit insurance, and the right holder is also the insured.

Therefore, the insured in credit insurance is the right holder (i.e., the creditor), and the policyholder is the debtor of the credit loan.

Extended reading: [Insurance] How to buy, which one is better, teach you to avoid these insurance"pits"

Letters of credit are not directly related to insurance – insurance is related to the terminology.

Related, for example: the common FOB and CFR insurance are the responsibility of the buyer, then the letter of credit generally does not mention the insurance matters, and the CIF term transaction and settlement by letter of credit, then the letter of credit will generally stipulate the specific insurance mark-up ratio, insurance requirements, and the beneficiary is responsible.

Therefore, the letter of credit is not directly related to insurance. If the letter of credit has insurance provisions, the beneficiary must act in accordance with the rules of the letter of credit.

Extended reading: [Insurance] How to buy Changyin, which is better, teach you to avoid these insurance"pits"

The insurance policy is in duplicate, the endorsed assignor is the issuing bank, and you, the consignee of the bill of lading, are also "to order of issuing bank".

Marine insurance and war insurance, including strikes, riots, coups d'état and malicious damage, are insured at 110% of the CIF invoice amount in accordance with the Insurance Association's cargo insurance terms.

It's normal

The insurance policy and insurance certificate shall be issued in two originals, and the endorsement shall be transferred to the issuing bank within the appropriate period. The insurance covers all risks, war risks, strike insurance, and is 110% insured.

lz can contact me.

This is the regulation of the L/C call fee, which is 324 yuan for RMB and 40 USD for US dollars.

Write the bank reference number when making the payment.