Credit Insurance Function
Medium - and long-term export credit insurance business; Overseas investment (lease) insurance business; Short-term export credit insurance business; To invest in insurance business in China; Domestic credit insurance business; Guarantee business related to foreign trade, foreign investment and cooperation; Reinsurance business related to credit insurance, investment insurance and guarantee; Operation of insurance funds; Accounts receivable management, commercial accounts collection and factoring; Credit risk consulting, rating business, and other business approved by the state. Sinosure has also launched an e-commerce platform with multiple service functions -- "Sinosure", and an insurance system of "SME Credit Insurance E Plan" specifically to support the export of smes, so that our customers can enjoy more efficient online services.
Short-term Export Credit Insurance
Short-term export credit insurance generally protects the risk of export collection of foreign exchange within one year of the credit term. Applicable to export enterprises engaged in L/C, D/P (D/P), D/A (D/A), credit sales (OA), export from China or re-export trade.
Underwriting risk Commercial risk - the buyer goes bankrupt or becomes insolvent; The buyer defaults on the payment; The buyer refuses to accept the goods; The issuing bank goes bankrupt, ceases business or is taken over; Issuing bank defaults or refuses to accept under usance credit when documents comply or only comply.
Political risk -- the country or region where the buyer or issuing bank is located prohibits or restricts the buyer or issuing bank from making payment to the insured for goods or credit; Prohibit the import of the goods purchased by the Buyer or revoke the import licence issued to the Buyer; In the event of war, civil war or insurrection, the Buyer is unable to perform the contract or the issuing bank is unable to perform its payment obligations under the credit; The third country through which the buyer is required to make payment has issued an order of deferred payment.
Credit Insurance Scheme
Prior risk assessment: the credit channel will comprehensively assess the buyer's risk status and give risk suggestions from the aspects of registration information, business conditions, management conditions, payment records, bank information, litigation records, mortgage guarantee records, financial information, etc., which is a comprehensive and objective assessment of the buyer's short-term debt paying ability and payment willingness.
Ex post risk protection: Credit insurance can help customers effectively reduce the loss caused by commercial and political risks. The maximum compensation ratio of short/medium term export credit insurance can reach more than 80%, which greatly weakens the risk of "credit sale" export.
Credit insurance + bank financing: After the enterprise takes out credit insurance and transfers the indemnity rights and interests to the bank, the credit rating of the enterprise will be improved due to the insurance protection, thus helping the bank to confirm that the financing risk is controllable and grant loans to the enterprise; In the event of any loss within the scope of insurance, Sinosure will pay the full amount directly to the financing bank in accordance with the provisions of the policy. With the help of financing, you can solve the problem of long-term credit sale capital occupied, speed up the capital turnover.
Claim Settlement Process
Process 1:
Export Trade Credit Insurance Prospectus submitted by the entrusting Party.
If the report of loss or claim is delayed, CITIC reserves the right to reduce the proportion of compensation or even reject the claim. Therefore, please submit the Export Trade Credit Insurance Risk Description in time after the accident. The relevant period is as follows:
● Customer bankruptcy: within 8 working days from the due date
● Customer rejection: within 8 working days from the due date
● Malicious default: within 50 working days from the due date
Process 2:
Submission of "Notice of Possible Loss" by Shandong Limaotong to Sinosure.
Process 3:
After Sinosure accepts the loss, the entrusting party may choose the credit insurance company to recover the payment for goods or directly submit the Application for Claim for Compensation.
Process 4:
Citic insurance filed a case for acceptance.
Process 5:
Waiting for Sinosure investigation.
Process 6:
Sinosure will pay for it.
National Credit Rating
Asia
Europe
Africa
Latin America
Oceania
Remarks
Special Reminder