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Services and Products
Letter of Credit Insurance Policy
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​​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.

Product Description
Properties
Beneficiary

commercial banks or financial institutions.

Uses

Insurance policy issued to cover the risks of nonpayment of international commercial banks on confirmed Letter of Credit (LC) related to Saudi exports.

Type

Revolving Policy or Structured Policy.

Utilization

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.

Coverage

Up to 100% of the confirmed L/C.

Facility Duration

Short-term – 1 year – with automatic renewals at a year subject to annual review.

Repayment

-

Security

-

Cost

-

Benefits
  • Increase your L/C confirmation business.
  • Increase the volume of dealing with clients through confirmed L/Cs in many foreign markets.
  • Exchanging credit and financial information.​
Eligibility
  • ​All local commercial banks and financial institutions​
Prerequisite

​1-Know Your Customer Form​

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