Post-Shipment: Single Buyer/ Country

Takaful Export Credit Cover for Post-Shipment Risk Policy is provided for protecting the value of receivables against failure of a single buyer, after shipment.

Qatari manufacturing or service providing companies doing exports.

1. Exporter submits a request for credit limit on a Buyer, providing details of the Buyer.
2. QDB does a critical risk analysis on the Buyer, their sector, and the potential political risk in the importing country.
3. If the Buyer and the Country are acceptable risk, an offer letter is sent indicating the amount of credit limit, credit terms, premium rate, and percentage of cover.
4. If the offer is acceptable to the Exporter, he can submit an application for coverage for a shipment to an approved Buyer along with applicable premium amount and issuance fee.
5. The Policy is issued for covering the value of the receivable for a shipment against the failure of the buyer / country.
6. The same process is to be repeated for issuance of Policy for each subsequent shipment to the Buyer.

An approved credit limit is the maximum insured amount, or maximum indemnifiable amount, per Buyer. It is valid for one year.

1. Premium rate per Buyer is quoted according to the buyer's risk category, country specified risk and the period for credit.
2. Premium amount is calculated on the contract value of the shipment multiplied by the premium rate.
3. For example, if the premium rate is 0.60% and the Contract Value for shipment is QAR 500,000, then the premium payable is 500,000 X 0.60% = QAR 3,000.
4. Policy issuance fees are also payable with a minimum of 250 QAR.

The validity of the Policy commences on the Shipment Date (in case of delivery of goods) or Performance Date (in case of performance of services) or earlier of Shipment Date or Performance Date in case of delivery of goods and performance of services are together in a Contract and ends on the due date of payment for the shipment covered.

The Insured amount is arrived at by multiplying the Contract value with the percentage of cover. For example, if the Contract value is QAR 500,000 and the percentage of cover is 90, then the Insured amount is QAR 450,000.

The non-payment from the Buyer is to be notified to QDB before the expiry of 30 days from the due date of payment for the shipment covered under the Policy.
In case of non-payment, credit limit is frozen and new shipments are not covered.

The claim is to be filed with all the required mandatory documents before the expiry of 90 days from the due date of payment for the shipment covered under the Policy.

The Claim becomes payable upon expiry of six months from the due date of the shipment covered under the Policy.