Our Overseas Investment Insurance Program aims to protect against the destination country’s political risk, such as transfer restrictions/currency inconvertibility, expropriation, as well as war and civil disturbance. The term of its coverage is usually five to seven years, and may be extended to a maximum of ten years.
Claims are filed by filling out three forms (Application Form for Indemnification, Loss Calculation Form and Claim and Proof of Loss Form) and attaching copies of all relevant documents. These documents usually include purchase orders, contracts of sale, invoices, bills of lading, debt instruments, or other evidence of debt, and correspondence with the delinquent buyer.
Generally we pay up to 90% of your insurance amount for commercial risk and 100% for political risk. Your claims will be settled in NT dollars within two months after the losses have been ascertained.
Any exporter duly registered in Taiwan is eligible to obtain cover under our export credit insurance schemes.
We accept cash, checks, wire transfer as well as credit cards.
Usually the premium rates are fixed and the relevant schedules are provided upon request. Premium rates are determined based on terms of payment, the country to which the export is to be made, the creditworthiness of the buyer, the duration of credit and the amount you wish to be insured. Premiums should be paid within five days after shipment date.
We offer from 10% up to 40% premium discount depending on the volume and number of insured transactions you have taken out for our insurance in the previous insured year.
For export credit insurance applications, no fees apply. However, all expenses related to an application for cover (such as ordering credit reports from credit agencies, as well as postage and cable) are billed to the insured. These expenses are not refundable regardless whether the application is finally approved or not. We don’t charge a credit limit commitment fee on the limits approved for covering political and commercial risks. Also, there is no penalty for any unutilized portion of credit limit.
EXIMBANK may restrict or refuse the cover on a buyer for various reasons. For example, the buyer may not be sufficiently creditworthy, or we may have recorded adverse payment experience with the buyer or the economic conditions of the buyer’s country may have deteriorated and payment transfers by that country turn to be rather uncertain or subject to serious delays.
We have set up some standards for the appraisal purpose, with highlights including years in business, business reputation, management quality, banking experience, trade and payment data, financial performance, third party credit /financial ratings, etc.
A deal by letter of credit can be very secure provided the exporter complies with its terms and conditions. Never the less, events of a political nature or commercial nature can occur and make it impossible for the issuing bank to duly reimburse the negotiating bank. In such cases a Letter of Credit Insurance by EXIMBANK is advisable.
Complete your application form for your buyer’s credit limit.
We will check your buyer’s creditworthiness.
As the result justifies, a buyer limit will be underwritten within seven business days.
Your application for the buyer’s credit limit may be rejected otherwise.
With your buyer’s credit limit approved, you can apply for cover on a per shipment basis.
You will pay the premium and an insurance certificate is issued.
EXIMBANK insures against losses caused by political and/or commercial risks. Coverage is usually limited to 80-90 percent on the commercial risk and 90-100 percent on the political risk. EXIMBANK not only covers short-term but also medium- and long-term risks.
EXIMBANK supports our export trade worldwide, with main markets in North America, Europe and Asia.
The Export Credit Insurance Policy is normally recognized by the commercial banks as a valuable form of additional security. If necessary, the exporter can assign the rights of the policy to his financing bank. EXIMBANK will pay claims directly to the bank instead. Consequently, the insured exporter can expect to enjoy more favorable financial facilities.
Export credit insurance allows you to offer competitive credit terms in the international marketplace, enabling you to substantially expand sales as well as obtain working capital support. And as mentioned earlier, it being an effective risk management tool, protects your foreign account receivables against unexpected customer default.
To promote Taiwanese exports EXIMBANK offers export credit insurance to protect exporters against the risks of credit losses arising abroad, i.e. buyers’ commercial risk and the importing country’s political risk.
GlobalSure credit insurance policy is designed for local companies, especially SME in many ways. It offers streamlined credit application and reporting process, higher risk coverage ratio, and opportunities for those companies who then can provide flexible payment terms to obtain export orders, helping enterprises to gain global competence, increase efficiency, and minimize risk exposure. Besides credit protection, GlobalSure also provides the function of credit management and debt collection. Through our one-stop service, customers can easily get access to both credit insurance and financing at the same time