Update Volume 2019/11 Approval by the International Group of the Edox Online platform as an electronic trading system
The International Group of P&I Clubs has approved the “Global Share S.A. Edox Online platform” as an electronic trading system for bills of lading. Since 20 February 2010, it has been possible for members of the International Group of P&I insurers to make use of so-called “paperless trading systems” while retaining P&I coverage if the system used has been approved by the insurer. The International Group had previously approved the platform of “Bolero International Ltd” and “Authority Pte Ltd”.
Edox Online is a platform based on blockchain technology where parties to a transport agreement can prepare, issue and trade digital bills of lading. The advantage of the Edox system is that it can automatically generate multiple international trade instructions and documents, whereby the information is only entered once in the system. Each participant with access can log into the system at any time and retrieve or update information.
We invite members with questions regarding the use of electronic bills of lading under their P&I insurance to contact the Club. We also recommend that members keep in mind that certain risks involved when using such platforms such as the accuracy and integrity of data or the use of these documents for customs clearance do not fall under P&I cover and appropriate specialist advice should be obtained before agreeing to the use of electronic bills of lading.