LC Requires Negotiable Insurance Policy Or Certificate

[Navi]

Hi friends

We confirmed an LC requiring "Negotiable insurance policy or certificate, blank endorsed...."

Beneficiary presented an Insurance Certificate, stating Assured as beneficiary and blank endorsed by beneficiary on the reverse.

Is the document complying with respect to a/m data? Can insurance certificate be endorsed? If not should I seek a clarification or an amendment for this document to accept?

regrds

[cristiand969]

Document complies provided other data does not conflict with LC terms or other docs presented

[shahriar]

An insurance document is not like a Bill of lading. A marine insurance policy or certificate is not a negotiable instrument. so a better clause would be assignable insurance policy.

anyway, for the same reason, it does not matter much how the issuing bank is obtaining the assurance. the thing is that insurance should go along with the goods. here the insurance is effectively assigned to the issuing bank. so no discrepancy

regd

shahriar

[Navi]

Thanks friends,

I was confused about an article written by an insurer in my country stating that insurance certificate is not a negotiable document and cannot be endorsed. If so, the endorsement of the certificate would be invalid.

Thanks for your comments