Insurance Document

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Our expert's opinions do not necessarily reflect the views of the ICC or the ICC Commission on Banking Technique and Practice. No legal imputation should be attached to any of the contents here and no legal responsibility is accepted for any errors, omissions or misleading statements or opinions caused by negligence or otherwise. Our expert's opinions are given for your reference only and you should not rely upon or act on our opinions, of which we are not held liable. You should consult your legal counsel or other experts for their opinions in your specific cases.
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Posted in DC-Pro on May 6, 2001 at 3:53:59 AM
From our experience as an LC consultant firm, those ICC opinions involving transport or insurance may not be reflecting the ever changing practices of transport and insurance because the bankers who give these opinions may not be updated with the changing practices in these highly technical trades.
I had dealt with import and export of steel products, such as I beams, angles, joints and so on. I knew from the insurance people that because they could not put the insurance premium too high due to the fact that the steel goods were not expensive cargoes. So in order to stay competitive, they tried to ...

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