What to Do if an Insured Event Occurs?
You should inform KazakhExport about the problem as soon as possible
In the event of a problem with a transaction insured by KazakhExport;
if the buyer has problems with payment of other transactions that are not insured by us.
Our actions in the event of the insured accident
When we are informed of any problem related to the insured transaction: We study the nature and extent of the problem in consultation with you. If we believe that the problem is so serious that there is a risk of non-payment, then we inform you about it and discuss what we can do to avoid or to minimize losses.
What measures would KazakhExport take depends on the nature of the problem. KazakhExport will investigate the causes and extent of the loss and do its best to take measures to reduce losses. You should provide us with the documents and information necessary for this purpose. Material and/or complex transactions can often involve other parties, such as international banks or partners of KazakhExport in other countries. KazakhExport closely cooperates with similar organizations and can help to minimize the risks in such transactions.
Compensation by KazakhExport
If your buyer fails to pay the transaction under the terms of the contract due to the occurrence of a particular problem, you may submit a notification of an insured accident in free format.
In order to get insurance compensation from KazakhExport:
- You have to notify us of an accident in any form available to you, either by a phone call, e-mail, or letter.
- The insured accident should not raise any suspicions and disputes about its legal validity.
Before to pay you the insured amount, your notice of the insured accident will be considered by the Legal department. KazakhExport establishes the fact and the reasons for the occurrence of the event having characteristics of an insured accident; checks the validity of the information given the application of the policy holder; determines the need for involvement of experts or claim adjusters.
After the waiting period, which begins on the date of the payment due, KazakhExport makes an insurance payment. We will send you a letter confirming the amount that we will pay, and your bank account details. The amount of insurance payment is paid within the limits of the amount insured, which is equal to your loss after deduction of the unconditional franchise and can range from 75% to 90% depending on the terms of the contract.
KazakhExport will make the insurance payment within 30 days after expiration of the waiting period. The procedure and conditions for the insurance payment are described in the insurance regulations of KazakhExport, which you can see here.
Why do we need a waiting period?
Waiting period is a time period between the claim on the occurrence of an insured accident and the date of the insurance payment when KazakhExport together with you or on its one account takes actions to minimize the damage. This time period is initially stipulated in the insurance contract, as well as measures aimed at preventing the damages. After expiration of the waiting period, if the situation has not been resolved and the money have not been credited to our account, KazakhExport makes the insurance payment. Also during this period, KazakhExport has to determine which risks caused the insured accident: commercial or political risks.
Waiting period is set under the decision of the collegial body and normally makes 60-90 days.