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The Specific Buyers Policy provides cover for shipments made to a particular buyer or on LC opening bank for a set of buyers.
The Specific Buyers Policy provides cover for shipments made to a particular buyer or on LC opening bank for a set of buyers. Exporters not holding the Standard Policy/Whole turnover Policy can avail of this to cover their shipments to one or more buyers. Exporters holding Standard Policy can also avail of this policy for covering shipments to individual buyers, if all shipments to such buyers have been permitted to be excluded from the purview of the Standard Policy.
Period of Policy :
12 months.
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.
Premium is payable in four equal quarterly installments in advance before commencement of risk and sufficient premium deposit is also to be maintained in advance based on the turnover projection at all times during the policy.
Submission of Monthly declaration of shipments by 15th of the subsequent month.
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:
Selective buyer can be insured.
All other exports, if any, not to be declared.
No Claim Bonus (NCB) of 5% subject to non claim, up to a maximum of 50%.
Separate Policy per buyer
