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Political risks Cover includes laws, wars, strikes and political disturbances which obstruct the importation of goods into a foreign country from Zimbabwe. Boycotts, sanctions and terrorist activities which have these effects also fall under this risk category. Commercial risks The main risks covered are Insolvency of the buyer, Protracted Default- failure to pay an undisputed insured debt within a certain time after due date and Repudiation � unjustified failure to or refusal to accept delivery of goods. There are five basic types of cover: Pre-shipment. Provides cover against the insolvency of the buyer or the occurrence of political causes of loss between acceptance of an order and shipment of the goods. Post - shipment. Provides protection from the moment the goods are shipped until final payment is received. Consignment stock. For sound business reasons many exporters maintain stocks of goods in other countries. This type of cover indemnifies the Insured against confiscation or loss, due to a number of specific causes, before the goods are released from consignment. Transit risk Many exporters ship goods only to associate companies, where there is no commercial credit risk. This type of cover indemnifies the Insured against confiscation or loss of goods for political reasons whilst they are in transit. Guarantees for Banks Protects lending banks against insolvency or protracted default on the part of a client whom they have financed during either the post or pre �shipment stage of exporting. |
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