Dear all,
I would like to have your opinions on this case:
The L/C required an insurance certificate made out to order and blank endorsed.
The document presented was issued to order and blank endorsed by the beneficiary of the L/C without mentioning an assured party..
Is it necessary that the insurance certificate must evidence a assured party by a "name" or with the addition "to whom it may concern" to be acceptable under UCP600 and ISBP 681 (Nr.180)?
I look forward to reading your views and thank you in advance for providing them.
Must an insurance certificate show the assured party?
Must an insurance certificate show the assured party?
I do not see how it can be said that the document presented was’ issued to order’ if a party to whose order claims are payable is not stated.
Anyway, to meet the requirements of the credit and the practice set out in 179 & 180 there need not be an ‘insured party’ stated in the document provided it:
(1) is issued to bearer (which, as an aside, I understand is not permitted under many insurance laws) or:
(2) evidences that claims are payable to the order of the beneficiary and is (blank) endorsed.
Anyway, to meet the requirements of the credit and the practice set out in 179 & 180 there need not be an ‘insured party’ stated in the document provided it:
(1) is issued to bearer (which, as an aside, I understand is not permitted under many insurance laws) or:
(2) evidences that claims are payable to the order of the beneficiary and is (blank) endorsed.