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Insurance Policy Shows "To Applicant" As Assured Party

Posted: Thu Sep 19, 2013 12:14 pm
by Payal
Team,

We are in receipt of lc wherein lc states:

Insurance/Marine Insurance policy in the currency of the crefit in assignable form and endorsed in blank for CIP/CIF value plus 10 pct covering ...... clauses.

Now beneficiary has presented Insurance policy wherein the assured party stated as "To Applicant" and it is not blank endorsed.

Is this a discrepancy?

Comments appreciated.

No discrepancy

Posted: Thu Sep 19, 2013 7:10 pm
by honey0101
ISBP K21,

Others comments appreciated.

there is no discrepancy

Posted: Mon Sep 23, 2013 11:31 am
by mentis
Who will endorse it? Applicant?

No discrepancy

Poorly drafted L/C

Posted: Mon Sep 23, 2013 6:55 pm
by WanDan
Hi,

this
Insurance/Marine Insurance policy in the currency of the crefit in assignable form and endorsed in blank for CIP/CIF value plus 10 pct covering ...... clauses.
is again an example for a poorly drafted L/C.

BTW: What is in assignable form? And under which law?

Cheers,
Dan