Over-insurance is not cause for concern under the UCP 600 practice rules, but it may raise unsettling questions that need addressed from a risk perspective.
In the fifth instalment of his DCW article series on major contemporary issues surrounding documentary credit practice, ICC Banking Commission Senior Technical Advisor Dave Meynell offers his thoughts on the highly-charged question: Is it time for UCP to be revised?
Conflicting interpretations persist over whether insurance documents issued on the actual flight date—but after a transport document’s issuance—are discrepant. This article examines the implications under ISBP 745, UCP600, and CIP Incoterms® 2020, and explains how to avoid costly risk gaps.
