When the goods are ready for dispatch, the exporter should apply to the Insurance company for its insurance in the prescribed “Declaration form” available with the Insurance Company.
In the declaration form, the exporter has to declare the description of goods, marks and No.s, Number and kinds of packages, its value, transportation from the place to its destination, addresses of the exporter and importer and the risks to be covered for insurance.
After the completion of all the formalities for insurance cover, the exporter has to produce the Bill of Lading and the name of the ship.
The insurance company will issue the Insurance certificate as per the declaration given by the exporter and send three copies of the same to the exporter.
The exporter will submit Original Policy to the Bank with his other documents.
The second copy of the policy will be sent by the importer by him along with necessary documents.
The exporter keeps the third copy in his record for his own information
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