Insurance certificates

Published: 04 Aug 2009 22:43:21 PST

An insurance certificate is a representation of the insurance policy taken out by the buyer or the seller (depending on the Incoterms) for a shipment.

• Blank insurance certificates are supplied by the insurer pre-signed and bearing the open policy number of the exporter. For an air shipment, an air waybill serves as an insurance certificate.

• For a sea shipment, an insurance certificate is issued as evidence of the existence of the marine insurance policy.

• The marine insurance policy is a contract between the insured and the insurer which defines the terms of the agreement between the insured and the insurer.