What is Export credit insurance ?
Posted By :
Dr. S.S. Nandal /
Published on :
09-Nov-2022 12:00 PM /
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312 /
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I would like to know how the export credit insurance covers an exported consignment. As we are accepting orders directly through our website https://mgcrugs.com and exporting items worldwide, what are the technicalities that we have to follow to claim export credit insurance covers ?
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Export credit insurance is a type of insurance that provides protection to exporters against the risk of non-payment by the buyer, as well as other risks such as political and commercial risks. Here are the general technicalities you need to follow to claim export credit insurance covers:
Obtain an Export Credit Insurance Policy: The first step is to obtain an Export Credit Insurance policy from a recognized insurance company. The policy will outline the terms and conditions of the coverage.
Insure Your Export Consignments: Once you have obtained the policy, you need to insure your export consignments. This involves providing the insurance company with details of the shipment, including the name of the buyer, the amount of the shipment, and the date of shipment.
Follow the Terms and Conditions of the Policy: It is important to comply with the terms and conditions of the policy, such as providing accurate and complete information about the shipment, and adhering to any requirements or procedures set out in the policy.
Report Any Loss or Damage: If there is any loss or damage to the shipment, you must report it to the insurance company as soon as possible. You will need to provide details of the loss or damage, as well as any supporting documentation.
File a Claim: If the buyer does not pay for the shipment, or if there is any other covered event, you can file a claim with the insurance company. You will need to provide details of the claim, as well as any supporting documentation.
In addition to these general technicalities, there may be specific requirements or procedures that you need to follow depending on the terms of your policy and the requirements of the insurance company. It is recommended to consult with your insurance provider to ensure that you are following all necessary procedures and requirements to claim export credit insurance covers.