Insurance loss is a partial or complete non-payment of the amount payable to the Exporter by the Foreign Buyer within the terms defined under the Export Contract if reasons for nonfulfillment of that obligations arise either from commercial or political risks.
Step 1. In case the Foreign Buyer fails to fulfill his payment obligations within the terms defined under the Export Contract, you should submit the following documents and information:
2. Insurance policy
3. Documents certifying the delivery of the goods and the payment obligation of the Foreign buyer, including:
- unpaid invoice issued to the Foreign buyer
- documents confirming shipment of the goods to the Foreign buyer
- customs declaration for the shipment, CMR certificates
- confirmation of the Foreign buyer that he has received the goods and acknowledges his payment obligation
- written correspondence of payment reminders sent to the Foreign Buyer
- other documents.
4. Documents confirming the fact of non-payment and reasons for it (commercial or political risks)
5. Other documents and evidences if necessary.
Step 2. After receiving all necessary documents and information EIA analyzes them and makes a decision on indemnification
Step 3. After making the Indemnification decision, EIA transfers the indemnification amount to you.
*Upon agreement between the Insurer and the Insured other time frames of insurance claim settlement can be defined.