Insurance Policy Shows "To Applicant" As Assured Party

The forum is dedicated to all who deals with LCs. Please share your experiences, problems and opinions with us. You are requested to be confined to LC related issues only. Let us together discover the beauty of Letter of Credit. Thank and regards – admin; besttradesolution.com
Payal
Posts: 11
Joined: Wed Aug 21, 2013 6:33 pm
First Name: PAYAL
Last Name: VED
Organization: BNP PARIBAS
Filter: Two Plus Two =: 4
Location: INDIA

Insurance Policy Shows "To Applicant" As Assured Party

Postby Payal » Thu Sep 19, 2013 12:14 pm

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.

honey0101
Posts: 44
Joined: Mon Jul 18, 2011 1:49 am
First Name: Sudhakara
Last Name: Reddy
Organization: HDFC Bank Ltd
Filter: Two Plus Two =: 4
Location: India

No discrepancy

Postby honey0101 » Thu Sep 19, 2013 7:10 pm

ISBP K21,

Others comments appreciated.

mentis
Posts: 107
Joined: Fri Jan 06, 2012 1:22 am
First Name: Doka
Last Name: Rosso
Organization: İstanbul BB.
Filter: Two Plus Two =: 4
Location: Turkey

there is no discrepancy

Postby mentis » Mon Sep 23, 2013 11:31 am

Who will endorse it? Applicant?

No discrepancy

WanDan
Posts: 68
Joined: Tue Feb 05, 2013 4:46 pm
First Name: Wan
Last Name: Dan
Organization: Bank
Filter: Two Plus Two =: 4
Location: Germany

Poorly drafted L/C

Postby WanDan » Mon Sep 23, 2013 6:55 pm

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


Return to “Letter of Credit Forum”



Site Search

Latest in Trade Library
Your Right to Vote
Can Issuing Bank Be Confirming Bank Also?
Yes
No
No Sure

Poll initiated by jinnat
BTS Crossword
Recent Reviews