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Whole Turnover Export Credit Insurance (Multi-Buyer)

Whole Turnover Export Credit Insurance (Multi-Buyer)
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This product provides Saudi exporters with protection against the risk of non-payment by international importers (buyers) due to commercial or political risks. It works by providing an insurance to the exporter, which then compensates the exporter if the importer fails to pay.​

Properties
Product Method

1-The exporter concludes a sales contract with importers.
2-The exporter enters into an insurance policy contract with Saudi EXIM to cover risks of default and pays the insurance premium.
3-The exporter ships goods to importers and submits a declaration to the Saudi EXIM Bank of the shipments.
4-If any importer fails to pay, the exporter files a claim with Saudi EXIM, which compensates the exporter for the covered amount.
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 non-commercial risks.
-Helping exporters enhance the competitiveness of national exports by granting flexible payment terms.
- Increasing export volume and access to new markets.
- 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 24 months

Financing Limit for Coverage

Up to 90%

Eligibility

Saudi exporters or companies domiciled in Saudi Arabia​