Dear Expert,
May I ask for your opinion of the following:
L/C term:
Insurance Policy for 110 percent invoice showing claims payable at destination covering all risks and war risks.
Port of discharge: Huangpu, China
Insurance Policy showing claims payable at destination in China,
Whereas the settling agent’s address is situated in Singapore.
Please comment whether the discrepancy is valid or not?
Regards,
ucp 800
Insurance Policy claim payable at destination
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ucp800
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picant
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insurance policy
Hi Pal,
IMHO, I consider the document complaint, the insurance agent in China could be only a surveying agent and not a claim settling agent. It will be a problem for the Insurance to pay the claimant in China, bearing currency restrictions and any other problem.
I think that the the agent in Singapore is not indicated as settling agent, but simply "in case of damage please apply to...." or the like.
Other comments appreciated
Ciao
IMHO, I consider the document complaint, the insurance agent in China could be only a surveying agent and not a claim settling agent. It will be a problem for the Insurance to pay the claimant in China, bearing currency restrictions and any other problem.
I think that the the agent in Singapore is not indicated as settling agent, but simply "in case of damage please apply to...." or the like.
Other comments appreciated
Ciao