Insurance of the Exporter’s Short-Term Receivables
Insurance of short-term accounts receivable of Exporter is a tool that allows a Kazakhtan enterprise (Exporter) to obtain protection of the entire portfolio of export contracts from the risk of non-payment by foreign counterparties (Importers) under export contracts that provide for the sale of Kazakhstan goods on deferred payment terms.
- The Exporter enters into export contracts with Importers with the possibility of deferred payment.
- The Exporter applies to KazakhExport for insurance.
- KazakhExport reviews the application and enters into an Insurance Contract with the Exporter.
- The Exporter pays the minimum insurance premium and delivers goods in accordance with export contracts.
- The Exporter submits a Declaration to KazakhExport with information about the actual trade turnover
- If there is a difference between the previously paid minimum insurance premium and the premium calculated according to the Declaration, the Exporter pays an additional insurance premium.
- If Importers do not pay for the received goods, KazakhExport compensates the Exporter's losses.
- Insurance coverage for commercial and political risks is up to 80% of the amount of damages