insurance policy with the assured as "to order of issuing bank"

1 reply [Last post]

Tue, 07/15/2014 - 05:17

yvonne allen

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Joined: 08/19/2011

hello,

i have a question.i am currently working in the export department and was presented

an insurance policy with the assured being "to order of issuing bank".

does this mean that since the issuing bank will blank endorse this

insurance policy, it is okay for the insurance policy to have no endorsements

on its backside(like ususal) at this point, since after we send the docs(including

insurance policy) to the issuing bank and the issuing bank receives the docs it will be at that

point that the issuing bank will blank endorse the insurance policy?

will greatly appreciate reply on this matter.

Tue, 07/15/2014 - 09:06

pan

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Joined: 09/13/2007

Insurance problems

Hi Friend,

IMHO, the issuing bank will endorse the insurance document on delivery to applicant.

The l/c was not properly worded, see ISBP 745. However the eventual damages will be refunded to the entity that owns the goods.

Letter of Credit Forum