Export Credit Insurance

EXPORT CREDIT INSURANCE

Export Credit Insurance is designed to protect Zimbabwe’s exporters from losses that may arise from a variety of commercial and political risks inherent in all export transactions. This protection will also enhance their capacity to compete in the international markets and enable them to break into new markets, introduce new products and take up new buyers.

Risks Covered

Commercial Risks

Political Risks

Risks not Covered

Losses arising from the following risks are not covered:

Insolvency or failure of any agent of the exporter
Failure of the exporter or the buyer to obtain necessary authority to execute the export contract
Exchange rate fluctuation
General and marine insurance risks; and
Trade dispute between the exporter and the buyer

Prefix

Full Name *Full Names

Phone / Whatsapp Number *Use international Format (+263..)

Email Address *

Business Address *

City

State/Province

ZIP / Postal Code

Country

Note

Where shipments are made by air, buyers will be able to take delivery of the goods from the airline without making payment in the case of CAD transactions. In such cases, the Policy will not cover losses arising from non-payment by the buyer, since the buyer is not supposed to get delivery of the goods before payment. If you wish to have cover for this risk also, you can get it if (a) you get Credit Limit approved on the buyer on Open Delivery terms (even though bills may be drawn on CAD terms) and (b) paying premium on such shipments at rates applicable to Open Delivery terms. Such cover can be obtained on selected buyers, if you wish to do so.

Percentage of Cover

If a loss is sustained by the exporter due to any of the risks covered under the policy, the exporter can claim 90% of such loss from the Corporation. This percentage of cover may, however, be lowered by the Corporation in specific cases. The uncovered portion of the loss is borne by the exporter

Waiting Period of Claims

Exporters are eligible to file claims after a waiting period which ranges from one to four months from the due date or the date of the event causing the loss.

Whole Turnover Principle

The policy is designed to cover all the shipments to all or selected markets that may be made by the exporter on Letters of Credit or short- term credit during a period of 12 months. Premium will be payable on actual value of shipments made during the policy period. Shipments made to associates and on consignment basis are excluded, but can be covered at the option of the exporter