UCP 600 - Article 28
Insurance
Document and Coverage
a. An
insurance document, such as an insurance policy, an insurance certificate or a
declaration under an
open
cover, must appear to be issued and signed by an insurance company, an
underwriter or their agents or their proxies. Any signature by an agent or
proxy must indicate whether the agent or proxy has signed for or on behalf of
the insurance company or underwriter.
b. When
the insurance document indicates that it has been issued in more than one
original, all originals
must be
presented.
c. Cover
notes will not be accepted.
d. An
insurance policy is acceptable in lieu of an insurance certificate or a
declaration under an open cover.
e. The
date of the insurance document must be no later than the date of shipment,
unless it appears from
the
insurance document that the cover is effective from a date not later than the
date of shipment.
f.
i.The
insurance document must indicate the amount of insurance coverage and be in the
same currency as the credit.
ii. A
requirement in the credit for insurance coverage to be for a percentage of the
value of the goods, of the invoice value or similar is deemed to be the minimum
amount of coverage required.
If
there is no indication in the credit of the insurance coverage required, the
amount of insurance coverage
must be
at least 110% of the CIF or CIP value of the goods.
When
the CIF or CIP value cannot be determined from the documents, the amount of
insurance coverage
must be
calculated on the basis of the amount for which honour or negotiation is
requested or the gross
value
of the goods as shown on the invoice, whichever is greater.
iii. The
insurance document must indicate that risks are covered at least between the
place of taking in
charge
or shipment and the place of discharge or final destination as stated in the
credit.
g. A
credit should state the type of insurance required and, if any, the additional
risks to be covered. An
insurance
document will be accepted without regard to any risks that are not covered if
the credit uses
imprecise
terms such as "usual risks" or "customary risks".
h. When a
credit requires insurance against "all risks" and an insurance
document is presented containing
any
"all risks" notation or clause, whether or not bearing the heading
"all risks", the insurance document will be accepted without regard
to any risks stated to be excluded.
I. An
insurance document may contain reference to any exclusion clause.
j. An
insurance document may indicate that the cover is subject to a franchise or
excess (deductible).
UCP 600
- Article 29
a. If the
expiry date of a credit or the last day for presentation falls on a day when
the bank to which
presentation
is to be made is closed for reasons other than those referred to in article 36,
the expiry date or
the
last day for presentation, as the case may be, will be extended to the first
following banking day.
b. If
presentation is made on the first following banking day, a nominated bank must
provide the issuing
bank or
confirming bank with a statement on its covering schedule that the presentation
was made within
the
time limits extended in accordance with sub-article 29 (a).
c. The
latest date for shipment will not be extended as a result of sub-article 29
(a).
UCP 600 - Article 30
Tolerance
in Credit Amount, Quantity and Unit Prices
a. The
words "about" or "approximately" used in connection with
the amount of the credit or the quantity or
the
unit price stated in the credit are to be construed as allowing a tolerance not
to exceed 10% more or
10%
less than the amount, the quantity or the unit price to which they refer.
b. A
tolerance not to exceed 5% more or 5% less than the quantity of the goods is
allowed, provided the
credit
does not state the quantity in terms of a stipulated number of packing units or
individual items and
the
total amount of the drawings does not exceed the amount of the credit.
c. Even
when partial shipments are not allowed, a tolerance not to exceed 5% less than
the amount of the
credit
is allowed, provided that the quantity of the goods, if stated in the credit,
is shipped in full and a unit price, if stated in the credit, is not reduced or
that sub-article 30 (b) is not applicable. This tolerance does not apply when
the credit stipulates a specific tolerance or uses the expressions referred to
in sub-article 30
(a).
UCP 600 - Article 31
Partial
Drawings or Shipments
a. Partial
drawings or shipments are allowed.
b. A
presentation consisting of more than one set of transport documents evidencing
shipment commencing on the same means of conveyance and for the same journey,
provided they indicate the same destination, will not be regarded as covering a
partial shipment, even if they indicate different dates of shipment or
different ports of loading, places of taking in charge or dispatch. If the
presentation consists of more than one set of transport documents, the latest
date of shipment as evidenced on any of the sets of transport documents will be
regarded as the date of shipment.
A
presentation consisting of one or more sets of transport documents evidencing
shipment on more than
one
means of conveyance within the same mode of transport will be regarded as covering
a partial
shipment,
even if the means of conveyance leave on the same day for the same destination.
c. A
presentation consisting of more than one courier receipt, post receipt or
certificate of posting will not be regarded as a partial shipment if the
courier receipts, post receipts or certificates of posting appear to have been
stamped or signed by the same courier or postal service at the same place and
date and for the same destination.
UCP 600 - Article 32
Instalment
Drawings or Shipments
If a drawing
or shipment by instalments within given periods is stipulated in the credit and
any instalment is not drawn or shipped within the period allowed for that
instalment, the credit ceases to be available for that and any subsequent
instalment.
UCP 600 - Article 33
Hours
of Presentation
A bank
has no obligation to accept a presentation outside of its banking hours.
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