ㄱ. An insurance policy is not acceptable in lieu of an insurance certificate or a declaration under an open cover.

ㄴ. An insurance document must not indicate that the cover is subject to a franchise or excess.

ㄷ. A requirement in the credit for insurance coverage to be for a percentage of the value of the goods, of the invoice value or similar is deemed to be the minimum amount of coverage required.

ㄹ. When the CIF or CIP value cannot be determined from the documents, the amount of insurance coverage must be calculated on the basis of the amount for which honour or negotiation is requested or the gross value of the goods as shown on the invoice, whichever is greater.