Cargo Insurance Certificate
The certificate issued under an open cover as evidence of cargo insurance, how it differs from a policy, and UCP 600 presentation.
A cargo insurance certificate is the document issued under an open cover as evidence that a particular shipment is insured, stating the goods, the voyage, the conditions and the insured value. It is the insurance document most shipments present under a documentary credit, where UCP 600 Article 28 governs its examination.
The full article will cover certificate content, assignment by indorsement under the Marine Insurance Act 1906 s.50, the direct right of claim required by Incoterms 2020 CIF and CIP, dating rules under Article 28(e), and the 110% default under Article 28(f)(ii). The cargo insured value article covers how this topic affects the sum insured on a cargo policy.