insurance policy without showing 'the assured party'

WolfgangGuggenberger · Post by **WolfgangGuggenberger** » Mon Mar 10, 2003 12:00 am

The L/C calls for an 'insurance policy endorsed in blank'.
An insurance policy, made out to order, blank endorsed by the insurance company was presented.
The opening bank claimed that a)the name of assured was missing and b) the document did not specify to whose order the ins. policy was issued to and therefore there would be no evidence that the endorsement(of the insurance company) therein would be a proper one.
We do not share the same opinion, since we assume that any holder of the document is also defined as the assured party, due to the transfer of title through the way of endorsement.
What do you think about this?

NigelHolt · Post by **NigelHolt** » Mon Mar 10, 2003 12:00 am

I imagine you are referring to our credit IMP70015072. This was referred to me last week and I ruled that the document was not discrepant. We will be paying today. If you have any further queries please contact me direct on 44 121 625 6636. See you at the IIBLP Annual Survey in Vienna next week?
[edited 3/10/03 9:40:44 AM]