Insurance policy between Saudi EXIM and local commercial banks/ financial institutions to protect them against the risk of nonpayment of an irrevocable Letter of Credit (LC) issued by the importer's bank.
commercial banks or financial institutions.
Insurance policy issued to cover the risks of nonpayment of international commercial banks on confirmed Letter of Credit (LC) related to Saudi exports.
Revolving Policy or Structured Policy.
Exporter’s Bank requests Confirmation policy from Saudi EXIM to be Confirming Bank for LCs involving Saudi Exports in exchange for paying an insurance premium.
Up to 100% of the confirmed L/C.
Short-term – 1 year – with automatic renewals at a year subject to annual review.
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