What does this mean?

English as a Second Language English Vocabulary, Grammar and Idioms
#1

Hi,

What does the bold part in the following sentence mean?

‘I refer to my letter of 17 August and am writing to advise you that if we not receive your completed application form within the next 14 days, I shall have no alternative but to arrange property insurance on the bank’s block policy’.

Thank you very much.

#2

That really depends on what the bank’s block policy is and what the application form is for.

Basically, if ‘you’ don’t send the application form back within the next 2 weeks the insurance will automatically be arranged on that policy (which will probably end up costing ‘you’ more).

#3

Hi Beeesneees,

So you mean the seller bought insurance for the goods he sold, and if the buyer doesn’t pay the insurance company will pay, and the buyer will then pay for the insurance company?
Oh I think it’s lost on me.

#4

I can’t say whether that is what I mean because I have no additional context other than the sentence, which doesn’t even mention the sale of goods.

#5

OK, then I have one last question: what is ‘bank’s block policy’?

#6

I understand this to mean the general policy applied as standard by the bank.

However, with no additional context I can’t be sure.

#7

Well what i figured out by this statement is that…the bank want to intimate you…that if you had not submitted the application till the following date,then you need to have possibly the general insurance of the bank’s policy…in order so that bank must not sustain any loss because of the delays caused by you…

I hope you got the point…

thanks:
David.