Domestic Short Term Export Credit Insurance
Domestic Short Term Export Credit Insurance
This insurance covers the debt remains unpaid in whole or in part after expiration of the due date due to the non-compliance of its contractual duty by the Buyer when conducting business and rendering services.
 
Subject Matter Insured
Corporate enterprises registered within the territory of the People's Republic of China.
 
Scope of Cover
The insured conducts business or renders service during insurance period and the due debts loss incurs in this process. The insurer shall be liable for the agreed compensation listed as follows:
· Buyer’s Insolvency and/or Inability to pay the debt due
   – Buyer’s Insolvency means business insolvency predicted by the court or bankruptcy or liquidation judgment and verdict from
      the court
· Buyer’s delay of paying the debt due
   – When the buyer has received the goods whilst the debt remains unpaid in whole or in part after expiration of the due date due to
      the non-compliance of its contractual duty by the Buyer. For example according to business contract payment should be made
      by installment and the buyer exceeds the waiting period without paying the due debts. 
   – Waiting period is used to ascertain that after the happening of insurance loss, the insured need to wait a period of time to
      lodge claim. It starts from the payable date agreed by the business contract and it is negotiated by the insurance contract
      parties and stated in the insurance policy and schedule.
 
Exclusions
· willful act or gross negligence of the Insured or his employees and unlawfully behaviour against business contract and liability
  or illegal act;
· the insured can terminate the sales contract according to laws and agreement but still continue to fulfill the obligation of
  sales contract;
· nuclear fission, nuclear radiation and radioactive contamination;
· war, warlike operation, hostilities, armed conflicts, terrorism, conspiracy insurrection, coup d’etat, civil commotion,
  hurricane,   flood, earthquake and volcano outburst and tsunami in the district of the buyer;
· government action or judicial action not arising from the buyer;
· payment related to the performance of service that the insured is not made;
· sales contract between the insured and the associated company;
· the insured has not disclosed sales record accordingly or unpaid the agreed insurance premium ;
· Deliveries or performance of services made after the insurer has refused or canceled a credit limit;
· except otherwise stated in the contract, any interest loss of the insured;
· the deductibles stated in this Policy to be borne by the Insured
· other loss or cost beyond the scope of insurance liability
 
* For further details, please refer to the insurance clauses.
 
 

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