Insurance of the Exporter’s Short-Term Receivables
This tool is designed to protect exporters and financial institutions providing them with financing against the risk of non-payment by foreign buyers. Using this instrument, the exporter can insure the entire portfolio of export contracts with deferred payment
Insurance Procedure
- The exporter concludes a deferred payment export contract with the importer
- The exporter submits an application for insurance to Export credit agency of Kazakhstan
- Export credit agency of Kazakhstan examines the application and concludes an insurance contract with the exporter
- The exporter pays the minimum insurance premium and delivers the goods, works and services under the export contract
- The exporter submits to Export credit agency of Kazakhstan a declaration with information on the actual trade turnover
- In the event of a difference between the previously paid minimum insurance premium and the premium calculated on the declaration, the exporter pays the additional insurance premium
- If the importer fails to pay for the goods received, Export credit agency of Kazakhstan compensates the exporter for the loss
What is the amount of insurance coverage?
- Insurance coverage for commercial and political risks is up to 80% of the amount of damages
