Insurance of the Exporter’s Legal Liability on Forward Currency Transactions
Insurance of the exporter's civil liability for urgent currency transactions - provision of insurance protection to banks against the risk of default by exporters of obligations under currency term contracts.
Insurance procedure
- The exporter shall apply to the Bank for the conclusion of a forward transaction for the currency risk hedging;
- KazakhExport and the Bank shall enter into an exporter’s civil liability insurance contract for forward currency transactions;
- The exporter shall delivers its products/services to the importer;
- The importer shall pay the exporter for the supply;
- If the Exporter fails to perform its obligations to the Bank under the forward transaction, the exporter shall compensate the Bank for losses.
Documents for application
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