ICIC insures exporters against client non-payment in credit transactions of up to one year. In special cases, longer credit terms of up to three years can be approved. ICIC provides protection for credit sales to clients in 115 countries.
ICIC covers exporters against the following types of risks:
A. Trade risks – non-receipt of payment from the client due to the client’s insolvency or financial difficulties, in the event of protracted non-payment for 4 or 6 months from the agreed payment date.
B. Political risks – non-receipt of payment due to a political event in the client’s country, such as: war, coup, ban on exporting foreign currency, moratorium, nationalization, cancellation of import license, etc.
Extent of insurance coverage
ICIC policies cover 90% of the loss of the insured sum, with the other 10% representing the policyholder’s deductible.Contact us