LC required insurance document blank endorsed, the presented insurance policy without endorsement showed:
Assured: To order
Q:Is it acceptable because "to order" is in effect same as "to bearer" ?
insurance
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vivian
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it is not acceptable
it is not acceptable, if insurance made out to order, must be bland endorsed, if made out to bear , no need to blank endorsed.
vivian
vivian
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danohng
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to order = to bearer
the insurance document is acceptable.
To bearer : holder of the document are entitle to claim
To Order have the same effect.
To bearer : holder of the document are entitle to claim
To Order have the same effect.
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edilee
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to order must be blank endorsed
I agree with vivian if it is to order must be blank endorsed
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yangkenn
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blank endorse
Dear all,
Thank you for your kind opinions.
Thank you for your kind opinions.
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vivian
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"to order" is not equal to "to bearer"
danohng wrote:the insurance document is acceptable.
To bearer : holder of the document are entitle to claim
To Order have the same effect.
Hi, I disagree with yours ,if LC call for an insurance made out to order , must be blank endorseb by bene, if made out to bearer, no need to blank endorsement , pls refer to ISBP 179.
tks
vivian
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danohng
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ICC Opinion TA688rev
Dear Vivian,
Refer to ICC Opinion TA688rev, If the LC call for a blank endorsed insurance document, the insurance document consigned to "To Bearer" and "To Order" will have the same effect and acceptable without endorsement.
Refer to ICC Opinion TA688rev, If the LC call for a blank endorsed insurance document, the insurance document consigned to "To Bearer" and "To Order" will have the same effect and acceptable without endorsement.
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ofei
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disagree to opinion on TA688
I have noticed earlier that opinion on TA688 is suspectable. Moreover, the statement in para179 of ISBP681 is also suspectable. I hope next issue of DCI will publish my article towards it.
"to order" never equals "to bearer".
It seems banking practitioners often misunderstand the endorsement issue.
"to order" never equals "to bearer".
It seems banking practitioners often misunderstand the endorsement issue.