IntercontinentalExchange announced that its ICE CargoDocs Local Law electronic bill of lading solution has received approval by global shipping insurance body, the International Group of Protection & Indemnity Clubs, helping accelerate ICE’s work to replace paper-based trade delivery documentation with electronic documents. IG P&I represents the 12 Clubs providing marine liability cover for 90% of the world’s ocean-shipped tonnage. The approval coincides with the U.K. and Singapore, two critical shipping jurisdictions, recently changing their laws to recognize electronic bills of lading as the legal equivalent of paper, giving commodity trade participants certainty that electronic bills of lading governed by U.K. and Singapore law are now recognized in those jurisdictions.
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