Dear all, I would like to raise a question concerning "issuer" of an insurance certificate:
An LC is stipulating that "with the exception of documents issued
by the beneficiary no documents may show contract number". An insurance certificate has been presented evidencing that the beneficiary has signed as "Coverholder and Authorised Signatory". On its face the beneficiary has "issued" the documents - but he has done it as an authorised signatory for the insurance company - which in fact
is the "issuer". Would be quite interesting to hear your viewpoint
on this,
Thank you in advance for your comments,
Best regards
Marianne Wabnik
Issuer of an insurance certificate
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MargaretaSkoglund
- Posts: 12
- Joined: Fri Apr 05, 2019 5:22 pm
Issuer of an insurance certificate
Marianne,
Bit of a semantic conundrum, this one (at least for me), but as it’s you Marianne I’ll give it a go.
Based on para 25 of ISBP given that -I assume- the insurance certificate is on the ‘letterhead’ of the insurer, I would take the insurer as the issuer or at least an issuer (a document can have more than one issuer). As a result I would argue that either the beneficiary is not the issuer or, if they are, they are not a sole issuer of the insurance document (the other issuer being the insurer) and the term of the Credit at issue (no pun intended) is clearly intended to apply documents issued by the beneficiary alone.
Regards, Jeremy
[edited 8/9/2006 11:56:41 AM]
Bit of a semantic conundrum, this one (at least for me), but as it’s you Marianne I’ll give it a go.
Based on para 25 of ISBP given that -I assume- the insurance certificate is on the ‘letterhead’ of the insurer, I would take the insurer as the issuer or at least an issuer (a document can have more than one issuer). As a result I would argue that either the beneficiary is not the issuer or, if they are, they are not a sole issuer of the insurance document (the other issuer being the insurer) and the term of the Credit at issue (no pun intended) is clearly intended to apply documents issued by the beneficiary alone.
Regards, Jeremy
[edited 8/9/2006 11:56:41 AM]
Issuer of an insurance certificate
This is really an interesting case.
I agree with Jeremy
The insurance doc.couldn’t be considered as a doc issued by the beneficiary On the basis that it has been signed by the beneficiary as the insurer capacity.
The condition obviously intented to apply docs such as the invoice,benef’s certificates, declarations or the like not the insurance doc.
Regards,
Yahya
[edited 8/9/2006 10:55:14 AM]
I agree with Jeremy
The insurance doc.couldn’t be considered as a doc issued by the beneficiary On the basis that it has been signed by the beneficiary as the insurer capacity.
The condition obviously intented to apply docs such as the invoice,benef’s certificates, declarations or the like not the insurance doc.
Regards,
Yahya
[edited 8/9/2006 10:55:14 AM]
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MargaretaSkoglund
- Posts: 12
- Joined: Fri Apr 05, 2019 5:22 pm
Issuer of an insurance certificate
Thank you dear Jeremy for attending to my query, I do agree.
The beneficiary did not sign in his capacity as beneficiary and should
he actually have done it - it would have constituted a violating of UCP 500 article 34).
Best regards
Marianne
The beneficiary did not sign in his capacity as beneficiary and should
he actually have done it - it would have constituted a violating of UCP 500 article 34).
Best regards
Marianne