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Better insurance for Exporters

15th March 1957, Page 38
15th March 1957
Page 38
Page 38, 15th March 1957 — Better insurance for Exporters
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IMPROVEMENTS in insurance cover A for British exporters are to be introduced by Export Credits Guarantee Department. From April I, a revised form of cover against payment risks will be available to exporters of goods sold on terms of payment of up to two. years' credit.

Once shipment has been made, the Department will pay 95 per cent. instead of 90 per cent. of all specified losses outside the control of buyer or seller.

Claims arising out of transfer or political risks wilr be settled after four months, instead of six, and claims because of default on goods accepted will be paid after six months (hitherto a year).

For. the first time, limited cover will be given on default by the buyer before acceptance of the goods.