What is nkorl in insurance?

QUESTION

Dear Mr. Old Man,

Insurance document indicating Issue Date as 20 NOV 2018 (Issue Date) contains a statement: “Warranted no known or reported losses as at 22 NOV 2018 if the Departure Date is earlier than 22 NOV 2018”.

Bill of Lading indicates On Board Date as 20 NOV 2018

Can I raise the discrepancy: Insurance document effective from a date later than the date of shipment?

Thank you.

LNT ——–

ANSWER

Hi,

I don’t think the discrepancy is valid.

Warranted No Known Or Reported Losses (WNKORL) is a statement made on application for excess or catastrophe reinsurance, which is being back-dated, to protect the reinsurer from placement of reinsurance after a loss has occurred.

Kind regards,

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