Specific Shipment Policy – (SSP)

Specific Shipment Policy

Specific Shipments Policy can be obtained by exporters that have secured contract for supply of capital goods such as machinery or equipments on deferred terms of payment. The cover provides protection against non-receipt of payments due to commercial and /or political risks.

Risk Covered

  • Insolvency of buyer
  • Protracted default of buyer
  • Buyer’s failure to accept goods

Commercial

  • War, Civil War, Revolutions in buyer’s country
  • New Import restrictions
  • Transfer delays

Political

  • War, Civil War, Revolutions in buyer’s country
  • New Import restrictions
  • Transfer delays

LC Opening Bank Risks

  • Insolvency
  • Default

Loss Coverage:

80%

Important Obligations:

  • Obtain indicative premium rate at bid stage
  • Seek post awarded approval from AD/WG on award of contract
  • Obtain in-principle approval
  • Seek cover after payment of premium
  • Advise progress of project in accordance with PEM guidelines
  • Declaration of overdue payments
  • Filing of claim within 12 months from due date
  • Sharing of recovery

Highlights:

  • Cover can be either for political or comprehensive risks
  • Add on pre-shipment risk cover can also be obtained
  • Cover for full insurable value including retention portion
  • Cover for third country exports as well
  • Premium can be paid in installments
  • Reduced premium for projects funded by Multi-lateral agencies.

Click here for Do and Don’ts

To download the proposal form Click here

Click here to view product bond.

To download the Supplement SSP Comprehensive Risks (LC) Click here

To download the Addendum for Comprehensive Risks Policy Click here

To download the Addendum for Political Risks Policy Click here

To download the Declaration cum Undertaking Click here

To download the Agreement Click here

To download the claim form Click here

To download the Bond SSP(CR) form Click here

To download the Bond SSP(PR) form Click here

Click here to visit Frequently Asked Questions (All Policies)