Uncategorized EXCLUSION CLAUSE IN INSURANCE POLICY By Mr Old Man Posted on March 7, 2010 1 min read 0 0 2,051 Share on Facebook Share on Twitter Share on Google+ Share on Reddit Share on Pinterest Share on Linkedin Share on Tumblr QUERY FROM DONATClause in insurance policy I, issuing bank, received insurance policy issued on may 6, 2008 to cover shipment with on board date may 7, 2008. The insurance policy stated the following clause: 'subject to no known loss prior to may 12, 2008'. May that clause be reason of discrepancy? i am waiting for your comments. Ciao. ——————————————— MR. OLD MAN’S COMMENT Not discrepant Hi, The exclusion clause looks unusual really. But you’ll find no good reason to reject the insurance policy it as it is quite complying with UCP 600 Article 28 (i) or even (h). Further comments are appreciated. Best regards, Nguyen Huu Duc …
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?