2. 3. Declaration of Shipments: Shipments need
2. Minimum Premium:
The Minimum premium payable for a Small Exporters’ Policy is an amount equal to 0.30% of the anticipated turnover on D/P and D/A terms of payment plus where the exporter seeks cover also for L/C shipments, 0.10% of the anticipated turnover on L/C terms or Rs 1000, whichever is higher.
3. Declaration of Shipments:
Shipments need to be declared only twice: in the seventh month for shipments made in the first six months of the policy period, and in the 13th month for shipments made in the last six months of the Policy period.
4. Declaration of Overdue Payments:
Small Exporters are required to submit monthly declarations of all payments remaining overdue by more than 60 days from the due date, as against 30 days in the case of exporters holding the Standard Policy.
5. Percentage of Cover:
For shipments covered under the Small Exporters’ Policy, the Corporation will pay claims to the extent of 95% where the loss is due to commercial risks, and 100% if the loss is caused by any of the political risks. Under the Standard Policy, the extent of cover is 90% for both commercial and political risks.
6. Waiting Period for Claims:
The normal waiting period of 4 months under the Standard Policy has been halved in the case of claims arising under the Small Exporters Policy.