Product Country. It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce. Export Credit Insurance :. What Is Credit Insurance?
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I have been getting many enquiries about the risk coverage on nonpayment of export proceeds by buyer like How to provide credit to the overseas buyer? Is credit extending to importer safe? How can an exporter provide credit to an un known buyer? What is the remedy to provide credit to an overseas importer? Is there any insurance to cover the risk of nonpayment of export goods value? Is there any insurance to protect the exporter in nonpayment of exported amount Etc.
Export Credit Guarantee Corporation is a central government undertaking body to provide credit guarantee on the default of payments by the buyer. It works as an insurance firm who guarantees export payment, if the buyer defaults in making payment. Procedures with ECGC to cover insurance:. Once after finalizing the order, the buyer execute a purchase order to the seller with the terms and conditions as agreed by both.
The exporter approaches Export Guarantee Corporation to get approval on the buyer with amount of limit. Here, the ECGC with their. Export Credit Guarantee Corporation collects premium on the amount of approval and issue insurance policy accordingly. The exporter can apply with ECGC for insurance on shipment wise order as specific insurance policy, or at lump sum as comprehensive policy.
If an exporter obtain a specific policy, the contract of insurance is only for that particular shipment. You as an exporter has to pay premium only against the said shipment. If you prefer to obtain a comprehensive policy against any buyer, you can get approval from ECGC, the amount of credit worthiness of the said buyer.
How does comprehensive policy of ECGC work for exporters? What does ECGC do on default of payment of any overseas buyer? How the comprehensive policy of ECGC works for exporters?
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Triangular export. Triangular shipment. Types of Insurance Documents. Importance of Bill of Lading. Comments p. But the company is new for us and this is the first deal. Khan export Raj. Right now i was in to a Problem which though i can't finalize what is problem exactly. Please have a Look here is the story of Shipment We initiated a transaction to Egypt 2 containers which valued USD on fob Basis my forwarder sent containers to consignee on Freight collect basis.
And we are Facing demarage charges like anything. And my forwarder or Not at all supportive it was no doubt that he was a strong tie-up with my consignee. So he is not responding in a right manner. I was in completely out of hands that i have no idea what to do. So please guide since you have a ample experience in this trade please help me out of this sir. The value of the order is usd kindly advice on the credibility of the buyer Regards Chandru Akki: On 30 December Hi.
I need this as a gurantee to be drawn on supplier. In reality the supplier is not encashing the BG. Kindly advise santosh kumar vaishya: On 17 March I'm Santosh and very new in this export business. Will you please advise me for the same. Now a days , many private players with international re insurers are in India. There are certain benefits with ECGC: 1. Coverage of LC also But major drawback is, It doesn't provide cover for pre shipment.
With private players, They provide domestic as well as Pre shipment coverage also. But they only cover DA or open account. Also they provide whole turnover policy , rather then any tailor made.
Please advice me, should i continue with ECGC, should i go with private player, or should i use both? V: On 16 February Sir am an importer from tamilnadu, I ordered the 80GSM A4 copier papers from Thailand company,they were received dollars from me,but yet not sent my products he can't gave any reason as me. If the exporters dispatch inferior quality , then?????
I was made shipments to uae. Before i was got good limit approval from ecgc. What are the procedures for ECGC. What are the procedures to be followed for ECGC.
Would you please advise how far we are in safe and what is your suggesion in in the regard - Treat it urgent and we need your sincere advise in return - Rambabu JK, Exports Manager. Marine insurance is for some God destined events and faluts in cargo handling etc.
The value of the order is usd kindly advice on the credibility of the buyer Regards. Chandru Akki: On 30 December Hi. Kindly advise. Should I go for this onion export. Sanjay agrawal: On 08 June Iam starting new export buiseness I want icgc policy will you help me. Mukhtar Mulla: On 21 February Sir. So kindly guide in this regards.
Objective and Function of ECGC
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Functions of Export Credit Guarantee Corporation of India
I have been getting many enquiries about the risk coverage on nonpayment of export proceeds by buyer like How to provide credit to the overseas buyer? Is credit extending to importer safe? How can an exporter provide credit to an un known buyer? What is the remedy to provide credit to an overseas importer? Is there any insurance to cover the risk of nonpayment of export goods value? Is there any insurance to protect the exporter in nonpayment of exported amount Etc. Export Credit Guarantee Corporation is a central government undertaking body to provide credit guarantee on the default of payments by the buyer.
Export Credit Guarantee Corporation of India
ECGC Ltd. It is managed by an Asset Management Company comprising representatives of the Government, Reserve Bank of India, banking, insurance and exporting community. The present paid-up capital of the company is Rs. Payments for exports are open to risks even at the best of times.
Functions of ECGC