Insurance Document

siva.coolguys · Post by **siva.coolguys** » Fri Jan 08, 2010 7:34 pm

Hi
I have a doubt in insurance document

Lc calls for an Insurance document without any specification or clause

can the Insurance document made out of Applicant?
If Yes Please Explain the reason

If no, Please say me how it should be made, and which is acceptable

If you can Explain the above in Brief that will help me out

Regards
Siva

shahriar · Post by **shahriar** » Sat Jan 09, 2010 9:28 am

if the LC is silent on the insurance requirement, then all you need is to meet the requirement of UCP 600. UCP talks about the issuer of the insurance and not about the assured. so anything is possible. in ideal situation, assured and the consignee should be the same. otherwise in case of any loss, the consignee wont be able to make any claim.

narisa · Post by **narisa** » Tue Jan 12, 2010 8:26 pm

Dear Siva
Insurance docs is negotiable doc that can transfer the right to claim any loss,if insurance made out to applcant (assured) that is only applicant can claim but if made out to order or made out to beneficiary
it must be endorsed by beneficiary or any assured for transfer the right to claim any loss.
if I have wrong way,other comments appreciated.

Trang · Post by **Trang** » Tue Jan 19, 2010 11:41 am

If the insurance silent on the insured party, the Insurance document made out of Applicant acceptable provided it must be in the form as required by the credit and where necessary, be endorsed by the party to whose order claims are payable.
Trang