Insured name

vivian · Post by **vivian** » Thu May 21, 2009 4:13 pm

Hi, expert

If an insurance policy/certificate showed Insured name as "AAAA PTE LTD &/OR BBBB &/OR CCCC &/OR DDDDD & I." (A,B,C,D is company's name) AAAA PTE LTD is beneficiary's name showed in L/C . whereas, L/C NEVER indicate any BBBB,CCCC,AND DDDD. IS THIS A DISCREPANCY FOR THIS INSURANCE POLICY/CERTIFICATE?

THANKS , EXPERT

BEST REGARDS

vivian

cristiand969 · Post by **cristiand969** » Thu May 21, 2009 8:03 pm

Since the AAA is included in the policy and claims not conditioned of a certain percentage of total value it means the 100% of claim under this policy can be in favour of AAA regardles it shows other parties. However, the final answer lays in art. 180 of ISBP: is the policy endorsed?

vivian · Post by **vivian** » Thu May 21, 2009 9:11 pm

cristiand969 wrote:Since the AAA is included in the policy and claims not conditioned of a certain percentage of total value it means the 100% of claim under this policy can be in favour of AAA regardles it shows other parties. However, the final answer lays in art. 180 of ISBP: is the policy endorsed?

YES, IT IS ENDORSED BY AAAA, ALSO BENEFICIARY . SO IT IS NOT A DISCREP , IS IT? .

cristiand969 · Post by **cristiand969** » Mon May 25, 2009 4:41 pm

Vivian,
In my opinion it is not the discrepancy.

iLC · Post by **iLC** » Mon May 25, 2009 11:10 pm

i believe that we are dealing with a beneficiary which is a group of companies and got the insurance document in manner so that it can used with any of its concerns. anyway, there is not simple yes no answer. insurance document is not a negotiable document and is not a document of title. endorsement here is means assignment and it is not always necessary to produce an insurance document to raise a claim. it is the occurence of the fact that is important here. this phenomena make a insurance promise a dependent guarantee. since it is possible to raise claim without the insurance certificate, the other /.././/parties may have a right. its a discrepancy therefore unless endorsed by all the parties. a good law question anyway.

cristiand969 · Post by **cristiand969** » Tue May 26, 2009 5:29 pm

You may want to note that insured name is stated : OR rather than AND which makes a big difference.
.
Anyway I personally asked an insurance expert and he told me the policy is valid in this way.

Insured name

Insured name

NO

IT IS ENDORSED BY AAAA(BENE)

AAAA

discrepant

Dear ILC