EXPORT CREDIT INSURANCE-INDIVIDUAL POST – SHIPMENT (ECIB – INPS)

Eligibility:

Any bank or financial institution who is an authorized dealer in foreign exchange that provides post-shipment finance to the exporter by way of purchase, negotiation or discount of export bills after the shipment has been affected pertaining to a particular project.

Risks Covered:

Protracted default or insolvency of the exporter-client.

Period Of Cover:

12 months

Percentage Of Cover:

60%

Premium:

0.06/0.09/0.13 %payable on the highest amount outstanding on any day during the month.

Maximum Liability:

60% of the Post-shipment Limits of the account.

Important Obligation Of The Bank:

Obtain cover for each project separately. Maintain advance deposit equivalent to one month’s premium. Submission of monthly declaration of advances granted and repayments made in the account and payment of due premium on or before 10th of the succeeding month. Approval of the Corporation for extension of due date. Default to be reported within 4 months from due date or extended due date of advances. If not recovered, filing of claim within 6 months of the Report of Default. Recovery action after payment of claim and sharing of recovery.

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