Sign-in / Sign-up
These policies can be availed of by exporters who do not hold any of the Standard Policy/Whole turnover Policy or by an exporter having a Standard Policy,
These policies can be availed of by exporters who do not hold any of the Standard Policy/Whole turnover Policy or by an exporter having a Standard Policy, wherein shipments have been excluded from the purview of cover. Exporter can pick and choose the contract/shipment to be covered and indicate the type of risk cover required.
Period of Policy :
The policy would be valid for shipment(s) made from the date of issue of the policy and up to the last date for shipment under the relevant contract.
Risks Covered:
Commercial Risk / Buyer Risk
Political Risk
L/C Opening Bank Risk
Percentage of Cover: 80%
Important Obligations of the Exporter:
Processing fee of Rs.2000/- (non-refundable) is payable.
Upfront premium payment in full.
Submission of Monthly declaration of shipments by 15th of the subsequent month.
Submission of Payment Advice Slip (PAS).
Notifying/Declaration of payments for bills that have remained unpaid beyond 30 days from its due date of payment, by the 15th of the subsequent month.
Filing of claim within 360 days from the due date of the export bill or 540 days from expiry date of the Policy Cover whichever is earlier.
Initiating recovery steps including legal action.
Sharing of recovery.
Highlights:
Selection of Insurance cover.
All other exports, if any, not to be declared.
Cover for Merchanting trade with prior approval by making necessary endorsement.
