What is Pre-Shipment Export Credit Insurance?
It is the insurance programme that indemnifies the expenses undertaken by the exporter in order to fulfill his or her contractual requirements in the case of that the actualization of the order becomes impossible due to the commercial and political risks for goods which are produced but not yet subject to shipping under the framework of the Sales Contract signed between the exporter and the buyer.
What is the purpose of the product?
The purpose of the Pre-Shipment Export Credit Insurance programme is to insure the expenses in the production phase of investment goods to be exported, against the risk of cancelation of the order by the buyer.
How long is the maturity?
In principle we expect the production phase to not exceed 180 days.
What is the company limit?
There are certain limits for any applications made by exporters within the scope of our Pre-Shipment Export Credit Insurance programme.
Who is this product suitable for?
All exporters who are exporting capital goods with high added value and/or investment goods can take advantage of this product.
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How Is It Used?
For applications, we require our exporters to complete the application form with all pages signed – stamped and send it to the email@example.com address along with a sample of their authorized signature list.
A accurate evaluation of the relevant application will be possible in cases where the financial information and documents of the buyer for the previous three years (particularly the independent audit report, balance sheet, income statement and cash flow statement etc.) and a short description of the project content are submitted to our Bank along with the application form.
An approximate premium amount will be calculated and notified to our exporter as soon as possible after the application has been received .
Our exporter will be notified regardingthe decision on whether or not to insure the transaction after the evaluation of the buyer, exporting company and project which is demanded to be insured by Turk Eximbank.
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