Dear Expert,
May I ask for your opinion of the following :
L/C :
BENEFICIARY: ABC CO LTD.
APPLICANT: DEF CO LTD
INSURANCE CERT. FOR 110 PCT INVOICE VALUE COVERING ALL RISKS IN FAVOR OF APPLICANT.
DOCUMENTS PRESENTED AS FOLLOWS :
ASSURED : ABC CO. LTD.
LOSS PAYABLE TO: DEF CO LTD
PREPRINT: UNDERWRITERS AGREE LOSSES, IF ANY, SHALL BE PAYABLE TO THE ORDER OF THE ASSURED OR LOSS PAYEE MENTIONED ABOVE, IF APPLICABLE, ON SURRENDER OF THIS CERTIFICATE OF INSURANCE.
MAY I TREAT IT IS ACCEPTABLE?
Thank you for your assistance.
Regards,
UCP 800
Insurance Certificate in Favor of Applicant
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ucp800
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cristiand969
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One option
The document as it appears must be endorsed by assured in favour of applicant so that to be accepted
The fact that an insurance document show beneficiary DEF CO it doesn't means it can recover the loss as long as another 'assured' appear. The 'assured' is the beneficiary of claim unless policy endorsed by them
The fact that an insurance document show beneficiary DEF CO it doesn't means it can recover the loss as long as another 'assured' appear. The 'assured' is the beneficiary of claim unless policy endorsed by them
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loankim
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claim and payabled
I agree with you, before being paid the the assured needs to claim.
By stating like that, it seems DEF cant do this by himself
.
Other comments appreciated !
By stating like that, it seems DEF cant do this by himself
.
Other comments appreciated !