This is a policy that allows an entity to cover its outside customers in different countries.
Protects against the failure to receive payment of an insured debt from an insured buyer in an insured country. Suitable for exporters who have not been paid up front for goods shipped.
Non Payment of an insured debt due to:
1. Insolvency of your insured buyer, which means any of the following events granted against your insured buyer
2. Protracted Default: which is the failure of your buyer to effect payment for an undisputed debt within six months after due date.
3. Political Risks (these only applies to the Export Trade Credit Policy)
Fees Payable: A credit limit fee is payable in respect of each credit limit annexure in force at the end of each month.
-any actual /alleged breach of contract by you
-any dispute relating to an insured contract resulting in nonpayment, until such time as the dispute is resolved.