Hi there.
I have a l/c asking for an insurance policy "with claims,if any,payable in Italy".The doc presented states the same (with claims,if any,payable in Italy).
Also,states that claims must be addressed to insurance co. or their agents.
No agent in Italy is indicated on the doc.
The policy is signed and stamped by the insurance co.and printed on preprinted letterhead paper.
Issuing bank rejected the docs because the insurance policy doesn't evidence the insurance co's agent in Italy.
In your opinion, is this a discrepancy ? I think not but I might be wrong.
Thanks and best regards,
Bogdan.
insurance co's agent to be written ?
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PradeepT_old
- Posts: 39
- Joined: Fri Apr 05, 2019 5:25 pm
insurance co's agent to be written ?
Dear Bogdan,
If the Issuing bank intended that the insurance policy must give the name and address of the claim settling agent in Italy, it should have so indicated in the LC. As long as the insurance policy states as per LC terms that that claims, if any are payable in Italy, there is no discrepancy and Issuing Bank must honour.
Regards,
Pradeep Taneja
If the Issuing bank intended that the insurance policy must give the name and address of the claim settling agent in Italy, it should have so indicated in the LC. As long as the insurance policy states as per LC terms that that claims, if any are payable in Italy, there is no discrepancy and Issuing Bank must honour.
Regards,
Pradeep Taneja
insurance co's agent to be written ?
I agree with Pradeep.
Not that I regard it as relevant to the question of compliance in this particular case, I would add that as a ‘layman’ it seems there must logically be a distinction between where claims are ‘payable’ and where claims may be made (i.e. submitted). The fact that claims may not apparently be made in Italy does not seem to me to be an automatic barrier to them being paid in Italy.
[edited 6/30/2006 10:18:41 AM]
Not that I regard it as relevant to the question of compliance in this particular case, I would add that as a ‘layman’ it seems there must logically be a distinction between where claims are ‘payable’ and where claims may be made (i.e. submitted). The fact that claims may not apparently be made in Italy does not seem to me to be an automatic barrier to them being paid in Italy.
[edited 6/30/2006 10:18:41 AM]
insurance co's agent to be written ?
thank you both for your opinion.
best wishes.
bogdan.
ps:what would you say about semifinals with germany,brazil,italy and england ?! (in case you like football)
best wishes.
bogdan.
ps:what would you say about semifinals with germany,brazil,italy and england ?! (in case you like football)