When A Credit Is Silent As To The Insured Party?
Posted: Thu Mar 16, 2017 1:48 am
Hi experts,
Please help me to understand the below ISBP clause.
K21. Insured party and endorsement
When a credit is silent as to the insured party, an insurance document is not to evidence that claims are payable to the order of, or in favour of, the beneficiary or any entity other than the issuing bank or applicant, unless it is endorsed by the beneficiary or that entity in blank or in favour of the issuing bank or applicant.
Regards
Dinesh
Please help me to understand the below ISBP clause.
K21. Insured party and endorsement
When a credit is silent as to the insured party, an insurance document is not to evidence that claims are payable to the order of, or in favour of, the beneficiary or any entity other than the issuing bank or applicant, unless it is endorsed by the beneficiary or that entity in blank or in favour of the issuing bank or applicant.
Regards
Dinesh