These policies can be availed of by exporters who do not hold any of the Standard Policy/Wholeturnover Policy or by an exporter having a Standard Policy, wherein shipments have been excluded from the purview of cover. Exporter can pick and choose the contract/shipment to be covered and indicate the type of risk cover required.

Period of Policy :

The policy would be valid for shipment(s) made from the date of issue of the policy and upto the last date for shipment under the relevant contract.

Risks Covered:

• Commercial Risk / Buyer Risk
• Political Risk
• L/C Opening Bank Risk

Percentage of Cover: 80%

Important Obligations of the Exporter:

• Processing fee of Rs.2000/- (non-refundable) is payable.
• Upfront premium payment in full.
• Submission of Monthly declaration of shipments by 15th of the subsequent month.
• Submission of Payment Advice Slip (PAS).
• Notifying/Declaration of payments for bills that have remained unpaid beyond 30 days from its due date of payment, by the 15th of the subsequent month.
• Filing of claim within 360 days from the due date of the export bill or 540 days from expiry date of the Policy Cover whichever is earlier.
• Initiating recovery steps including legal action.
• Sharing of recovery.

Highlights:

• Selection of Insurance cover.
• All other exports, if any, not to be declared.
• Cover for Merchanting trade with prior approval by making necessary endorsement.

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