Policy Number

A Policy Number is a unique identification number on an insurance policy issued by an insurance company after underwriting, used to identify a specific insurance contract. In foreign trade, it commonly appears in documents such as letters of credit, collections, bills of lading, invoices, and customs declarations. Especially when a letter of credit requires submission of an insurance policy, banks will check whether the policy number is consistent with other documents. Usage scenarios include: the importer inquiring about the policy by policy number after insuring, submitting documents to the bank, claiming against the carrier, or reporting a claim to the insurance company. Notes: The policy number must match the original insurance policy and should be consistent with the coverage, amount, currency, etc. specified in the letter of credit; if the letter of credit requires an 'Insurance Policy', a Certificate of Insurance cannot be substituted, and its number is also different. The difference from a 'Certificate of Insurance Number' is that a policy number corresponds to a formal insurance contract, while a certificate number corresponds to a simplified certificate, and their legal effect and bank acceptance may differ. In addition, the policy number is usually compiled by the insurance company according to rules and cannot be arbitrarily fabricated.