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Export Credit Insurance - single buyer

Export Credit Insurance - single buyer
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This product protects Saudi exporters from the risk of non-payment by international importers due to commercial or political risks. The exporter applies for an insurance policy contract from Saudi EXIM bank, which indemnifies the exporter if the importer defaults, and then the EXIM bank recovers the amount from the importer, sharing a portion with the exporter after deducting fees and costs.​

Properties
Product Method

1- The exporter concludes a sales contract with the importer.
2- The exporter enters into an insurance policy contract with Saudi EXIM and pays the insurance premium.
3- The exporter ships goods to the importer and submits a declaration to Saudi EXIM about shipments.
4- In case of the importer's failure to pay, the exporter files a claim to Saudi EXIM, which indemnify the exporter for the amount it covered.
5- Saudi EXIM recovers the amount from the importer and returns a share to the exporter according to their risk-bearing ratio after deducting recovery fees and legal costs.

Product Advantages

- Protecting exporters from losses resulting from commercial and political risks.
- Helping exporters enhance the competitiveness of national exports by granting flexible payment terms.
- Increasing export volume and access to new markets.
- Providing effective solutions for national exports of services and capital goods.
- Expanding the customer base and developing relationships with international importers.

The Sectors Eligible to Benefit from The Product

All sectors except crude oil

Duration of Insurance Coverage

Not exceeding 15 years.

Financing Limit for Coverage

Up to 90%

Eligibility

Saudi exporters or companies domiciled in Saudi Arabia​

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