|
Dear Olcay Özcan
Thanks for using the single window.
Your questions can be answered on many different
levels - and if you need the precise insurance technical difference - then
you may want to ask an insurance expert.
However - my answer would be the following:
UCP 600 sub-article 28(d) differentiate between "Insurance
policies" and "Insurance certificates / declarations under open cover".
Normally the content of the document would be
identical. The difference in general is that:
- An "Insurance policy" is made for a single
transaction - on a case-by-case basis. Basically meaning that all terms
for the insurance is included into the document.
- An "Insurance certificates / declaration under an
open cover". Such is often issued based on a "frame agreement" e.g. within
an agreed geographical range, and max amount per transport.
Notification to the insurance company is often done
once a month.
This means that all terms for the insurance are not
included into the document - but there is a reference to e.g. an open cover.
In terms of your question it is mainly relevant
where the LC calls for an "insurance policy". In such case it must not
appear from the document that it is an "insurance certificate" or that there
is a reference to an open cover.
I most insurance documents I have seen there is no
doubt as to whether it is a certificate or a policy. It is simply reflected
in the document.
I hope this helps you.
Best regards
Kim
|
