My question is if the insurance policy in fact quoted only “claim, if any, payable in the currency of the draft”, will it be acceptable.Required documents:
1. signed commercial invoice in duplicate;
2. packing list in duplicate;
3. full set of clean on board ocean bills of lading consigned to and notify applicant with full address marked freight to collect;
4. shipping authorization issued and signed by the applicant authorizing shipment;
5. beneficiary's certificate certifying that one set of documents has been sent to the applicant by courier service immediately after shipment;
6. insurance policy in duplicate for 110% of CIF value covering all risks and war risk with claim payable, if any, at the destination in the currency of the draft.
Documents were refused by the issuing bank with the following discrepancies:
- shipping authorization not manually signed;
- insurance policy not stated "claim, if any, payable in the currency of the draft".
We immediately disputed the discrepancies, which were groundless. We also responded with the following:
- The L/C did not stipulate that the shipping authorization must be signed manually. The signature appears to be signed in a digital format.
- The insurance policy did indicate the claim, if any, to be payable in the currency of the policy, i.e., US dollars.
claim payable in the currency of the draft
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berry
- Posts: 329
- Joined: Fri Nov 07, 2008 11:36 pm
claim payable in the currency of the draft
This case was published in the last DC Insight
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picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
at destination
Hi Pal,
At destination, is very important as does it mean that the amount of the claim must be at disposal of insurer in its Country, avoiding any hampers in transmitting it.
I have another question, it is enough to state so"with claims payable at destination......., or to have an insurance document indicating the paying agent in import country, as many times the agent there indicated is only a survey agent and not a settling agent.
However it wiull be a problem of insurance company to refund the claimant, if indicate that claims will be paid at destination.
Other comments appreciated
Ciao
At destination, is very important as does it mean that the amount of the claim must be at disposal of insurer in its Country, avoiding any hampers in transmitting it.
I have another question, it is enough to state so"with claims payable at destination......., or to have an insurance document indicating the paying agent in import country, as many times the agent there indicated is only a survey agent and not a settling agent.
However it wiull be a problem of insurance company to refund the claimant, if indicate that claims will be paid at destination.
Other comments appreciated
Ciao
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Judith
- Posts: 118
- Joined: Thu Mar 12, 2009 8:59 am
LC / Draft currency
What was the currency of the LC and draft?