Insurance Certificate In Negotiable Form

[cristiand969]

Dear all,
I would like to have your opinions in the following matter:
1. L/C requires: Insurance certificate in duplicate, blank endorsed,.... in negotiable form.
As per ISBP 'duplicate' means at least one original and one copy
However, does ' in negotiable form' infers that both certificates must be presented as 'original' so that whichever of them can be negotiated?
.
On the other hand I am not so sure whether or not the wording 'negotiable form' means that the assured/beneficiary must be stated 'to the order of' (party endorsing insurance doc). I am not aware of the fact whether insurance docs follow the same rule as a B/L to be negotiable and therefore the wording ' to the order of' should be stated.
Thanks for sharing your opinion!
Regards
Cristian

[iLC]

hello cristian

good to see you after along time. about your case. i really dont think "in negotiable form" means all the insurance document has to be in original. do you recall the "signed invoice" case. i think we can apply the same logic here. we already had considerable discussion on negotiability of an insurance document. i would not bother you reciting them all again. by the way, does anyone know any set of rules or law that governs the insurance company. studying them would help solve all this puzzles

[picant]

Hi Pals,

may I have more details on "signed invoice" case?

Thanks a lot
Ciao

[TITI]

Hi,
.
The certificate is normally a non-negotiable document which cannot be assigned to a third party. It is also unacceptable under the terms of a letter of credit and in making claims. It just shows an abstract of the most important provisions of the insurance contract including the name of the insured, relevant dates, description of the insured property and notice of cancellation. However, under certain situations, the insured may assign his/her rights under the certificate of insurance to a third party, usually the consignee, by endorsing the reverse of the certificate.
.
In this case IMHO, the negotiable Insurance means Insurance made out to Beneficiary and blank endorse, so that the insurance could be assigned to other party by endorsement.
.
Regards
Titi
PT Bank Negara Indonesia (Persero) tbk

[dinesh2476]

Hi,

Kindly clarify the below term. I often see that insurance documents states assured 'Issuing bank'

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The certificate is normally a non-negotiable document which cannot be assigned to a third party.

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