Eximgarant of Belarus has introduced a product allowing to avoid the impact of political and economic factors which can result in improper execution of the contract — Pre-Export Risk Cover.
The insurance covers the domestic exporter’s losses due to the impossibility to fully or partially implement the export contract at the pre-export stage of foreign trade cooperation.
Thus in case the overseas contractor refuses to execute the export contract which has been concluded, Eximgarant of Belarus pays out an insurance compensation covering costs incurred by your enterprise to carry out its obligations under this export contract.
Demonstrating a comprehensive approach to the insurance cover of your foreign trade activities, we recommend to combine this insurance product with export contracts insurance and (or) the insurance against the risk of non-repayment of export credit granted to a domestic exporter or to an overseas buyer.
The procedure of interaction:
In case the overseas buyer refuses to carry out his obligations under the export contract:
- export contract, previously agreed upon with Eximgarant of Belarus;
- insurance contract.
- payment of the insurance compensation, transfer of the right of claim to Eximgarant of Belarus;
- raising claims against the overseas buyer.
The list of documents required for the conclusion of an insurance contract:
Insurance regulations No. 33.
- application for the conclusion of an insurance contract (see Annex № 2 to these Conditions);
- the Charter, the document evidencing the state registry of the insurant (in case it is the first insurance contract concluded with this insurant);
- contract of voluntary insurance of short-, medium- and long-term export contracts against political or commercial risks, or the contract of voluntary insurance against the non-return (non-repayment) of export credit or any delay in the return (repayment) of such credit granted to residents of the Republic of Belarus for the production of goods (works, services), or the preliminary contract in the relevant fields of insurance;
- documents evidencing or securing payment for the products, works, services which are put up for sale (export contract or draft export contract, letter of credit, guarantee of the contractor’s bank or State and other ways of securing the fulfillment of obligations);
- information on the contractor’s economic and financial standing and of his legal status.