MUST INSURANCE POLICY COVER THE ENTIRE VOYAGE REFLECTED IN THE BILL OF LADING?

QUERY FROM ML
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Dear Mr Old Man,

Thank you so much for your support. Today, I would like to hear your opinion on the following issue:

" LC states:
44E: BUSAN PORT, KOREA
44F: HAI PHONG PORT, VIETNAM
44B: HANOI, VIETNAM

45A:
+ COMMODITY: CAR
+ TRADE TERM: CIF HAIPHONG PORT VIETNAM AS PER INCOTERMS 2000

46A:
+ FULL SET 3/3 ORIGINAL CLEAN SHIPPED ON BOARD OCEAN BILL OF LADING MADE OUT TO ORDER OF ISSUING BANK MARK "FREIGHT PREPAID" AND NOTIFY THE APPLICANT
+ INSURANCE POLICY IN NEGOTIABLE FORM, BLANK ENDORSED FOR 110% CIF INVOICE VALUE COVERING ALL RISKS, SHOWING CLAIM PAYABLE IN VIETNAM IN THE CURRENCY OF INVOICE."

As per UCP600 sub-article 28(f – iii), Must the Ins Pol showing cover risk from BUSAN PORT, KOREA to HANOI, VIETNAM? If presented Ins Pol cover risk from BUSAN PORT to HAIPHONG PORT, is it acceptable?

Best Regards,
Mai Thi Ngoc Lan

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MR. OLD MAN’S COMMENT
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Hi,

Unless otherwise stipulated in the credit, the insurance document must cover the entire journey between the place from which the credit stipulates the goods are to be shipped or dispatched and the place to which the credit stipulates the goods are to shipped/delivered (ICC Opinion R468).

LC requires a presentation of bill of lading evidencing shipment from Busan port, Korea to Hanoi, Vietnam.

The insurance policy presented under the credit must, as stated in ISBP para. 188, show that risks are covered at least between the point of shipment, dispatch or taking in charge and the point of discharge or final destination as required by the credit, i.e., from Busan port, Korea to Hanoi, Vietnam. The insurance policy presented showing risks covered from BUSAN PORT to HAIPHONG PORT is not acceptable.

Best regards,
Mr. Old Man