General

The insurance document is the insurance certificate of the insurer to the insured, and also the contract that stipulates the rights and obligations of both parties. When the insured goods suffer (within the scope of insurance) loss, it is the main basis for the insured to claim from the insurer, and also the main basis for the latter to settle the claim. What are the insurance documents in international trade? Let's take a look.

1. Insurance Policy

In international trade, an insurance policy, commonly known as a large insurance policy, is a formal insurance contract. In addition to items such as the name of the insured, the name, quantity or weight of the insured goods, transportation marks, means of transport, the starting and ending places of insurance, the types of insurance covered, the amount of insurance and the period of insurance, there are also detailed clauses on the scope of liability of the insurer, as well as the rights and obligations of the insurer and the insured, The insurance policy is transferred with the transfer of the property right after being endorsed by the insured. When the export contract is concluded according to CIF conditions, the buyer usually requires the seller to provide the insurance policy.

2. Insurance Certificate

In international trade, insurance certificate is also called small insurance policy, which is a simplified insurance contract. Except that the detailed terms are not printed on the certificate, other contents are the same as the insurance policy and have the same effect as the insurance policy. However, if an insurance policy is required by the letter of credit, it cannot be replaced by an insurance certificate. In recent years, in order to standardize documents, insurance institutions have gradually abandoned such insurance certificates and adopted large insurance policies.

3. Combined Certificate

The joint certificate is a more simplified insurance certificate. The insurance institution shall note the insurance number, insurance type and amount on the commercial invoice and affix the seal of the insurance institution as the insurance certificate. The rest items shall be subject to the invoice. Therefore, this kind of voucher is called the combined voucher of invoice and insurance policy. It cannot be transferred. At present, this joint voucher is only applicable to underwrite some transactions in Hong Kong and Macao.

4. Insurance Declaration

The insurance notice in international trade is also known as the insurance declaration. In international trade export transactions under FOB, FCA, CFR and other conditions, the buyer shall handle the insurance at his own expense. However, some importers have pre-insurance contracts with foreign insurance companies, so they often require the seller to send an insurance notice to the foreign insurance company designated by the importer when shipping the goods in the letter of credit, listing the name, quantity or weight, amount, means of transportation, date of transportation, name of the importer, number of the pre-insurance contract, etc.

The above is the introduction of insurance documents in international trade. I hope it can help you.