This month, DCW unpacks the legal and practical shifts reshaping trade finance interpretation. Why are ICC Opinions becoming increasingly scarce?
Writing as a trade finance professional with a long background in the business, Dave Meynell offers his personal views on factors contributing to the sharp reduction in ICC Official Opinions issued over the past several years.
With the causation defence being increasingly engaged in misdelivery cases, there is a great deal for banks and shipowners to learn from The “Maersk Katalin” case.
Porch Group, which has pursued multiple lawsuits in attempting to recover heavy losses from the Vesttoo reinsurance letter of credit collateral fraud, has agreed to a USD 7.1 million settlement with Vesttoo Creditors Liquidating Trust over claims relating to a reinsurance transaction for Porch Group subsidiary, insurer Homeowners of America Insurance Company (HOA). Porch Group had contended it was entitled to more than USD 15 million held by the Liquidating Trust.
Israeli insurance company Vesttoo Ltd. had filed for Chapter 11 bankruptcy in August 2023.
This month, DCW unpacks the legal and practical shifts reshaping trade finance interpretation. Why are ICC Opinions becoming increasingly scarce?
Writing as a trade finance professional with a long background in the business, Dave Meynell offers his personal views on factors contributing to the sharp reduction in ICC Official Opinions issued over the past several years.
With the causation defence being increasingly engaged in misdelivery cases, there is a great deal for banks and shipowners to learn from The “Maersk Katalin” case.
URDG 758 Article 15(c) makes clear that the requirement stated in Article 15(a) always applies unless expressly excluded in the guarantee, but does ISDGP help or harm in explaining this provision?
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