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Comprehensive
Short-term Policies (Export/Domestic)
Export
For products or services sold on credit terms, the Comprehensive Policy caters to
a wide range of businesses. It covers credit terms of not more than 180 days. |
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Risks covered include:
- Insolvency of buyer
- Non-payment of goods accepted by buyer
- Transfer delay, or delay in payment due to imposition of foreign exchange
controls in the buyer's country
- Cancellation or imposition of import licence in the buyer's country
- War and other disturbances in the buyer's country which could affect debt settlement
- Buyer's failure to take up the goods
Indemnity is up to 90% of the gross invoice
payable in Singapore dollars or an approved foreign currency.
Domestic
For domestic transactions, the Domestic Policy insures against
non-payment due to insolvency or default by Singapore buyers.
Advantages
With your credit risks considerably reduced, you gain the advantage of:
- Better credit control for more competitive business
- Better management of risks arising from political or commercial factors
- Balance sheet safeguards and increased profitability
- Enhanced ability to obtain funding from banks for further growth
- Confidence when venturing to new markets or selling to new buyers
External Trade Policy
Suitable for trade where goods are shipped direct from an overseas country
without going through Singapore. This policy offers protection to the
insured company in Singapore against any non-payment risks such as:
- Buyer's failure to take up the goods
- Non-payment of goods accepted by buyer
- Imposition of either import or export licensing
- Cancellation or non-renewal of export or import licenses previously issued
Indemnity is up to 90% of the gross invoice
payable in Singapore dollars or an approved foreign currency.
Specific Policy for Capital Goods
Providing protection for exports of capital and semi-capital goods involving medium
and long-term credits. This policy is ideal for exporters of capital goods such as machinery,
turnkey plants and heavy equipment, as well as for overseas construction projects and services.
It covers the same risks as the Comprehensive Policy for domestic or export trade,
excluding non-acceptance risk by buyer.
The policy also provides against risk such as:
- Contract frustration/repudiation for public buyers
- Sovereign risk
- Calls on bonds
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