Supplier Credit Insurance

In order to minimize possible losses for exporters and to secure cash receipts for the Republic of Belarus, Eximgarant of Belarus provides insurance of Short-,Medium-and Long-term Export Contracts against Political and/or Commercial Risks.

The context of implementation of current foreign trade contracts presupposes flexible modes of payment, first of all commodity credit. The conclusion of an insurance contract with Eximgarant of Belarus ensures that any losses incurred by the exporter are covered in case the overseas buyer fails to carry out his obligations as to the payment for products (works, services) shipped against deferred payment, in due course as provided by the contract.

Cooperation with us gives you an opportunity to make use of an unprecedented insurance product ensuring successful and operative completion of a deal and including as well the risk management of the project and advice on the essential details of the export contract both at the stage of its conclusion and at the stage of its management. Besides, being entitled to an insurance compensation, you don’t have to go through a long process of collecting debts abroad.

The insurance premium is applicable to the prime cost of products payable by the overseas client of a Belarusian enterprise, which draws cash receipts into our country.

The procedure of interaction:

1.   Conclusion of an export contract;

2.   Conclusion of an insurance contract;

3.   Shipment of goods in accordance with the terms of the export contract;

4.   Non-payment by the foreign buyer for the supplied products;

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

6.   Submitting a claim against the foreign buyer

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

• application for insurance contract conclusion

• Insured’s title documents

• export contract

• foreign buyer’s title and financial documents

Procedure for the Insured to follow upon the occurrence of an accidentthat may constitute an insured loss under the terms and conditions of the insurance policy

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

1. Insurance claim statement;

2. Original insurance policy

3. 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.