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CREDIT INSURANCE 2019-05-06T14:15:14+00:00

Credit Insurance

Credit Insurance Policy is designed for companies that are selling their goods and/or services on credit to overseas buyers. This policy provides coverage to companies for outstanding receivables that are within approved credit terms, thereby protecting the Insured against non-payment risk by its buyers.

Scope of cover

The policy covers loss due to any or all of the following risks:

Commercial Risk

  • Non payment by the buyer – protracted default

  • Insolvency of the buyer

Political Risk

  • Military or civil war, revolution, riot or insurrection

  • General moratorium on payment by the government of buyer’s country

  • Cancellation of import license

  • Government decision preventing performance

  • Political events, economic difficulties, legislative or administrative measures preventing payment

  • Non payment by government buyer

Exclusions

Significant exclusions are:

  • Non-payment arising due to trade disputes

  • Sales to a private individual who intends to use the goods or service for non-professional purposes

  • Sales to an associate company (political and AOG risk can be covered)

  • Sales contracts where payment is received in advance

  • Sales under irrevocable and confirmed Letter of Credit

  • Loss due to foreign currency fluctuations

  • Nuclear risks

  • A war between two or more of the following countries: France, China, Russia, the United Kingdom and the United States of America

  • A war between the Insured’s country and the country of the buyer

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