Insurance Endorsement: Who Should Endorse When the Policy Is Issued “A/C” the Beneficiary? It is not uncommon for an insurance policy or certificate to be purchased by a freight forwarder or another intermediary for the account of the beneficiary. Does this affect who must endorse the insurance document when the L/C requires an endorsement by the assured? Let’s look at the following question. Question Dear Mr. Old Man, Greetings for the day. I … Read More
Insurance Endorsement under an LC: “Endorsed to Bank” or “To the Order of Bank”? Intro Insurace documents under letters of credit often create confusion—especially when beneficiaries apply bill of lading concepts to insurance policies or certificates. One recurring grey area is whether an insurance document should be endorsed “to” a named bank or “to the order of” that bank, particularly when the credit expressly requires the document to be transferable. The following Q&A addresses … Read More
When Is an Insurance Document Really ‘Negotiable’? – Understanding ISBP 821 (K19–K21) Insurance documents under a Letter of Credit can be tricky — especially when the LC calls for a document “in negotiable form” or “issued to the order of” a bank. What exactly does “negotiable form” mean? When is an endorsement required? And what happens if the LC doesn’t specify who the insured party should be? Below is a detailed question … Read More