The letter of credit from the customer contains the following terms: INSURANCE POLICIES OR CERTIFICATES IN DUPLICATE ENDORSED IN BLANK FOR FULL C. I.F. INVOICE VALUE PLUS 10PCT COVERING MARINE INSURANCE AS PER INSTITUTE CARGO CLAUSES (A) DATED 1.1.2009 AS PER INSTITUTE STRIKES CLAUSES (CARGO) DATED 1.1.2009 AND INSTITUTE WAR CLAUSES (CARGO) DATED 1.1.2009 INCLUDING THEFT PILFERAGE NON-DELIVERY WAREHOUSE TO WAREHOUSE AND CLAMS IF ANY IS PAYABLE AT U. A.E. Please confirm the information to complete the insurance policy.​

Letter of credit conditions must be clear and precise without leaving any room for ambiguity.

In terms of insurance documents, the letter of credit must clearly states:

The amount of insurance coverage

The assured party

If endorsement is required and its method

The insurance coverage as per Institute Cargo Clauses

Following insurance document condition stated in swift message MT 700 under field 46A – Documents Required is a good example:

Letter of Credit Example:

44E: Port of Loading/Airport of Departure

Any Port in Ecuador

44F: Port of Discharge/Airport of Destination

Mundra Port, India

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