The Small Exporter's Policy is basically the Standard Policy, incorporating certain improvements in terms of cover, in order to encourage small exporters to obtain and operate freely without the different type of risks like Political and Commercial. It is issued to exporters whose anticipated export turnover for the period of one year does not exceed INR 1 crores.
1. A 12-month insurance policy for small exporters.
2. Premium payable will be determined on the basis of projected exports on an annual basis subject to a minimum premium of INR 5000 for the policy period. No claim bonus in the premium rate is granted every year at the rate of 5%.
3. For shipments covered under the Small Exporter's Policy ECGC will pay claims to the extent of 95% where the loss is due to commercial risks and 100% if the loss is caused by any of the political risks.
Type of risks covered
I. Risks covered on the overseas buyers:
II .Risks covered on the L/c opening Bank
b. Political Risks
All exporters including Traders, Manufacturers and Service providers, irrespective of MSME Certificate, shall be eligible for the Policy subject to their export turnover up to Rs.100 Lakh.
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