Unless otherwise stipulated in the letter of credit \(L/C\), the minimum amount of insurance coverage the insurance document must indicate should be the CIF or the CIP value of the goods, as the case may be, plus 10%.")
document.writeln("If the CIF or the CIP value cannot be determined, the minimum amount of insurance coverage would be 110% of the amount requested under the L/C for payment, acceptance or negotiation, or 110% of the total amount of the invoice, whichever is the greater.
")
document.writeln("The insurance coverage of 10% more than the CIF or the CIP value is intended as insurance against the loss of expected profit.
")
document.writeln("The L/C may call for an amount of insurance coverage over 110% as settled between the exporter and importer, for example, 120% CIF value or 130% CIP value.
")
document.writeln("In the case of trade terms DDU and DDP, the insurable interest in the goods is not transferred to the importer and the amount of insurance coverage depends on the exporter's requirement.
")
document.writeln("In the case of a transferable letter of credit transferred to the second beneficiary, the percentage of insurance coverage may be increased to provide the amount of cover stipulated in the original L/C.
")
document.writeln("In the sample letter of credit the amount of insurance coverage required is 110% CIF value, as such enter \"USS$27,500.00\" in the field \(AMOUNT INSURED\).
")}
function fnBIoomlAlform(){
document.writeln("| | Insurance Application-Instructions |
UVW EXPORTS
88 Prosperity Street East, Suite 707
Export-City and Postal Code, Export-Country
Tel: \(07\) 1234-5678 Fax: \(07\) 1234-8888
E-mail: shipping@uvwexports.com.jp |
")
document.writeln("Shipper's
Reference | Sales Confirmation No. | | Commercial Invoice No. | Insurance
Company | Name | | Tel. No. | Fax. No. | | Contact Person | Ref. No. |
|
")
document.writeln("| | | | | |
")
document.writeln("| | 1. | NAME OF THE ASSURED \(Beneficiary - Payable to the order of\): |
")
document.writeln("| | 2. | AMOUNT INSURED: |
")
document.writeln("| | 3. | TERMS OF INSURANCE COVERAGE \(Clauses\): |
")
document.writeln("| | 4. | LATEST ISSUING DATE OF INSURANCE POLICY: |
")
document.writeln("| | ![](\"imgShip/butBox.gif\") Loading On Board date: |
")
document.writeln("| | Dispatch/Taking In Charge date:
|
")
document.writeln("| | 5. | CLAIM AGENT: |
")
document.writeln("| | Indicate complete name and address of claim agent at port of destination. |
")
document.writeln("| | Indicate claims payable in __________________________ \(city, country\)
in ____________________ currency.
|
")
document.writeln("| | 6. | DESCRIPTION OF PACKAGES & GOODS: |
")
document.writeln("| | 7. | MARKS & NUMBERS: |
")
document.writeln("| | 8. | CONTAINER NUMBER: |
")
document.writeln("| | 9. | CARRIER - VOYAGE/FLIGHT NO. | ![](\"imgShip/arwRRed.gif\") |
")
document.writeln("| | 10. | SHIPMENT ON OR ABOUT | |
")
document.writeln("| | 11. | FROM \(Port of Loading\) | |
")
document.writeln("| | 12. | FROM \(Place of Dispatch/Taking In Charge\) | |
")
document.writeln("| | 13. | TO \(Port of Discharge\) | |
")
document.writeln("| | 14. | VIA \(Tranship At\) | |
")
document.writeln("| | 15. | THENCE TO \(For Transhipment To\) | |
")
document.writeln("
| Other Instructions | | Insurance Rate | No. of copy of the
Insurance Policy required | Original | | Premium | Copy \(Duplicate\) |
")
document.writeln("
|
| | Issued by: | Date: |
")}