Does any member have insurance against the risk of missing discrepancies when checking documents?
If so which insurance companies offer this?
Thanks
[edited 11/20/2009 10:59:59 AM: Typo]
[edited 11/20/2009 11:00:45 AM: Typo and new content]
Document Checking Insurance
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LyndaMcMunn_
- Posts: 1
- Joined: Fri Apr 05, 2019 5:21 pm
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RobReissner
- Posts: 19
- Joined: Fri Apr 05, 2019 5:25 pm
Document Checking Insurance
Lynda,
Never heard of it. However, I guess you can practically insure yourself against anything if you're prepared to pay the premium attached to it. A surgeon can insure him/herself against the consequences of a mistake made performing an operation. Banks do have insurances against claims and make reservations for possible losses. But not for the particular event of missing a discrepancy in checking of documents. You would gain much more in spending your money on proper training of documents checkers.
Kind regards,
Rob Reissner
Never heard of it. However, I guess you can practically insure yourself against anything if you're prepared to pay the premium attached to it. A surgeon can insure him/herself against the consequences of a mistake made performing an operation. Banks do have insurances against claims and make reservations for possible losses. But not for the particular event of missing a discrepancy in checking of documents. You would gain much more in spending your money on proper training of documents checkers.
Kind regards,
Rob Reissner
Document Checking Insurance
Lynda
We investigated this some years ago, but the premium was excessive and we did not pursue it any further.
I agree with Rob that the only way to insure against missing discrepancies is to invest in the appropriate training for document checkers.
Dirk van Rooyen
We investigated this some years ago, but the premium was excessive and we did not pursue it any further.
I agree with Rob that the only way to insure against missing discrepancies is to invest in the appropriate training for document checkers.
Dirk van Rooyen
Document Checking Insurance
While I agree that education and training is vital to minimising the risk of wrongful honour or dishonour (or negotation where an issuing bank is not concerned) it must be recognised that document examination can be a lottery never mind how well educated and trained one's staff (or oneself) is. Matters are not helped by the poor standards of issuing most banks seem to have.