Letter of Credit Forum

Dear All,

Due to heavy volume of export shipment, we normally take prepared insurance excel sheet from our broker.But after sailing of the shipment , we normally necessary details in the certificate in the insurance advise sent by the agent and take the print out of the certificate.

As we are taking print out of insurance certifcate from our office, our authorized person sign insurance certificate on behalf of the insurance co., agent or underwriter. We have taken authorisation letter of signing the certificate from Insurance co.

When we submit this certificate in the bank under letter of credit shipment, we are getting discrepant point from the bank regarding insurance certificate not signed by the Insurance co., agent or underwriter.

How can we justify the bank in the above case ? Is there any provision in UCP600/ISBP ? If yes, kindly provide article no.

Awaiting your reply.

Regards,

Bhautik Shah