Insurance of the Exporter’s Legal Liability to Financial Organizations
The tool allows a financial institution to get insurance coverage against the risk of a Kazakhstan enterprise (exporter) defaulting on its obligations under the guarantee
Insurance Procedure
- The exporter enters into an export contract with a foreign buyer
- The exporter submits to a bank an application for a guarantee under Export credit agency of Kazakhstan insurance
- The exporter applies to Export credit agency of Kazakhstan for insurance and, once the terms have been agreed upon, concludes an insurance contract and pays the insurance premium
- The bank provides a guarantee for the obligations of the exporter
- Export credit agency of Kazakhstan compensates the bank for losses in the event that the exporter fails to fulfil its obligations under the Guarantee
