Specific Shipment Policy – (SSP)
Export Credit Insurance for Exporter
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.
- 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.
- Selection of Insurance cover.
- All other exports, if any, not to be declared.
- Cover for Merchanting trade with prior approval by making necessary endorsement.
To download the proposal form,Click here
Click here to view product bond.