I have an understanding problem related to ISBP Paragraph K14 which states as follows-
"An insurance document may indicate that cover is subject to a franchise or excess (deductible). However, when a credit requires the insurance cover to be irrespective of percentage, the insurance document is not to contain a clause stating that the insurance cover is subject to a franchise or an excess (deductible). An insurance document need not state "irrespective of percentage"
The term ""Irrespective of Percentage"" refer to what percentage ?
Whether it is the percentage mentioned in UCP 600 sub-article 28f(ii) ie, the percentage of cover required Or the percentage mentioned in franchise or deductible clause ?
Please explain with an example.
Regards,
Shafique