Insurance of the Exporter’s Legal Liability to Financial Organizations
Insurance of civil liability of exporters to financial organizations is a tool that allows a Financial institution to get insurance coverage against the risk of non-payment by Kazakhstan enterprise (Exporter) for its obligations under the Guarantee.
Insurance Procedure
- The Exporter enters into an export contract with the Importer with the possibility of deferred payment.
- The Exporter submits an application for a guarantee to a Financial institution.
- The Exporter applies to KazakhExport for insurance.
- KazakhExport reviews the application and enters into an Insurance Contract with the Exporter.
- The Credit institution provides a guarantee for the obligations of Kazakhstan enterprise (Exporter)
- KazakhExport provides insurance coverage to a Financial institution in the event that the Exporter fails to fulfill its obligations under the Guarantee.
- If the Exporter fails to fulfill its obligations under the Guarantee, KazakhExport compensates the losses of the Financial institution.
