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Dear colleagues,

As there are some blackouts in insurance business practices while servicing L/C transactions including insurance douments, I would like to approach for your esteemed opinion on the following matter:
- the L/C requires insurance policy/certificate to be presented indicating Claims payable in China in USD.
The presented document contains the required notation 'Claims payable in China in USD', but at the end of it says 'Claims to be presented to <insurance company's name, address in the Netherlands> for adjustment and collection.' Does this claims payable in China information contradicts to the claims adjustment and collection information in another country and make the document discrepant?
What the 'Claims payable in country x' means in general then:
payment?
claims survey?
claims settling?
claims collection?

Hi Pal,

IMHO, Claims payable in ......, only means that the insurance company must obtain all the necessary authorization to effect payment in the currency and at the place stated in the insurance documents.
Other comments appreciated
Ciao

I agree with picant. Claim payable in China means that the insurance company will obtain the necessary approval (if required) to get the claim amount in the country and pay the beneficiary of the insurance.

Thank you for your answers.
Unfortunately, the experts from insurance industry with their highly valued opinions are the rare guests while considering L/C related issues.