Insurance Document

Shahed · Post by **Shahed** » Mon Nov 02, 2015 12:00 am

A Certificate of Insurance presented under an L/C shows, among others, - Survey may not be required on claims unlikely to exceed USD or equivalent in other currencies.

There is no amount after the Word USD.

L/C only requires presentation of insurance policy/certificate.

Is it a discrepancy ?

What is the bank's duty in verifying the contents appearing on the insurance documents?

Regards,

Shahed
Toronto

asamaha · Post by **asamaha** » Wed Nov 04, 2015 12:00 am

I don’t see any harm with such a clause even though the amount is missing
Regards
Antoine Samaha

PhanThanhNhan · Post by **PhanThanhNhan** » Tue Dec 08, 2015 12:00 am

The clause stated in your Insurance is about the Survey of damages only. It does not affect the claim ability and the claim amount and therefore is harmless. In fact, it is even beneficial to the assured because it saves him the inconveniences caused by required survey for too little damage.