Resident’s civil liability insurance under export contracts

Eximgarant of Belarus has developed an insurance product to guarantee an exporter’s performance of its obligations under an export contract to a foreign buyer, while also protecting the property interests of the importer purchasing Belarusian goods (works, services) – known as resident’s civil liability insurance under export contracts.

A liability insurance policy is taken out by a Belarusian exporter in favor of a foreign buyer, covering risks of non-performance or improper performance by the exporter of its obligations under an export contract.

Procedure for Collaboration

1. conclusion of an export contract;

2. conclusion of an insurance contract;

3. exporter’s non-performance of contractual obligations;

4. payment of the insurance compensation, transfer of the right of claim to Eximgarant of Belarus;

5. submitting a claim against the exporter.

The list of documents required for the conclusion of an insurance contract:

· Application for insurance contract conclusion;

· Export contract;

· Insured’s title and financial documents;

· Foreign buyer’s title documents.

Procedure for the insured to follow upon the occurrence of an accident that may constitute an insured loss under the terms and conditions of the insurance policy.

Upon the occurrence of the insured accident, the policyholder is obligated to submit the following documents no later than 30 calendar days from the end of the waiting period:

· Insurance claim statement;

· Original insurance policy (insurance contract);

· Documents proving the occurrence of the insured accident and the amount of the loss.

For inquiries regarding this type of insurance coverage, please contact the export risk insurance department by phone/fax in Minsk at +375 (17) 371-00-65.