This is a document issued by an insurance company which certifies that a specified shipment of goods, being transported by a named ship or aircraft is insured for the stated amount. It is commonly accepted by both banks and customers abroad as proof of insurance.
In some cases, the terms of a Letter of Credit may specify that the documentation include a marine policy. In such instances, a special policy can be issued. This policy is identical to the insurance certificate, except that the special policy in itself defines the insuring conditions, and stands on its own as a complete insurance policy.