ECGC Claim Is it a Hurdle? Posted on 08 April 2023 Category : Export The information provided here is part of Online export import training guide How to claim Insurance from ECGC? Maintain rules and regulations of ECGC after obtaining policy. Default on overseas payment by buyer. Consignment covered under ECGC policy. How to claim amount? Does ECGC pay immediately on default of overseas buyer’s payment to exporters? As explained previously, ECGC covers risk of buyer’s default of payment against exported goods. You have obtained a policy from ECGC. Make sure, the procedures and formalities followed as per ECGC’s requirements. You need to maintain a proper record of shipments as per serial order and premium to be paid regularly as per their guidelines. Also need to submit the data of exports to them as per their requirements. If you do not follow the terms and conditions of ECGC, you may struggle to get your claim from them like any other general insurance companies. Better clarify with them ‘how does ECGC work’ including the procedures for claim, so as to enable you to have a clear idea to follow ECGC’s requirements to avoid further inconvenience, if any claim arises. Also read - What does ECGC do on default of payment of any overseas buyer? How the comprehensive policy of ECGC works for exporters? Difference between EPCG and ECGC What is ECGC and how does ECGC protect exporters? Do you wish to add more information about claim from ECGC on default of payment by overseas buyer? Would you like to share your experience in handling claim from ECGC – Export Credit Guarantee Corporation? The above information is a part of Import Export course online Comment below your thoughts about this subject about claim of default payment from ECGC. Other details on how to import export How the comprehensive policy of ECGC works for exporters? Mode of payments in international trade What is EPCG How EPCG works in Export Import trade? What is ECGC and how do ECGC protect exporters? How to obtain GSP Certificate of Origin? Documentation for triangular shipment How to start Export Business? How to get Export Orders? What are the risks and solutions in Export Business? Click here to know India Trade Classification(ITC) Service Tax - Click here to read complete notification under Budget 2014 What is Bank post shipment credit to exporters? Types of export containers Measurement of export containers Foreign Trade Policy of India 2015-2020 MEIS, Merchandise Exports from India Scheme SEIS, Service Exports from India Scheme Merge your Commercial Invoice and Packing List for all your future exports Export procedures and documentation How to hide invoice value of original contract under high sea sale transactions How to know the quality, quantity or contents of goods before import customs clearance How to know volume of LCL cargo if not measured at factory Transferability of Bill of Lading Transhipment - A redefinition Travelers to India under import duty exemption, Frequently Asked Questions Part 2 Triangular export Types of Insurance Documents. How to make DA mode of payment safe How to make delay in delivery of Shipment? How to minimize import cargo clearance time? An open logic proposal to WTO How to obtain a duplicate BL, if original bill of lading lost. How to obtain GSP - Certificate of Origin? How to obtain Phyto sanitary certificate. What is phytosanitary certification How to obtain waiver on detention/ demurrage on imported goods/container from Shipping company/CFS How to open an LC? Procedures to open a Letter of Credit How to overcome credit risk in export business? How to overcome Negative thoughts in export business How to prepare an Export Invoice. Contents of Export commercial Invoice: How to prepare an Export Packing list. Contents of Export Packing list How to prepare Purchase order Transferability of Bill of Lading Comments Jason Dobrofsky: On 16 February 2015 We have formed a new company in the Uk for import, and we want to avoif problems with HMRC.question is:We buy goods from a supplier who invoices us from a Swiss company. However, the goods are coming from Turkey. What I would like to know is: do all of the details on the shipping invoice (i.e. the supplier) have to match the Swiss company details on the electronic invoice? If we only see a Turkish company listed on the shipping invoice, which does not match the Swiss company details on the electronic invoice, is this legal(in case of an hmrc inspection, would this cause problems for me)?Also, our payment goes to a Swiss account with same name of the owner of the account and the E-invoice.I realize you are in India, but the things you talk about are exactly what I have been serahcing for, andI imagina India would share standard import / tax procedures. Jason Dobrofsky: On 16 February 2015 I have one more question regarding triangular trade: I have a Spanish company. If my customer is in UK and my supplier is in Turkey (I am the intermediate supplier), (by the way, shipping is being done through air, so I don´t know what you call the document for air transport which would replace “bill of lading”), do I a) Contact a customs broker in UK, have them receive the goods which have as receiver my Spanish company, and have them change the shipping invoice with me as new supplier and my UK client as end customer Orb)Do I actually have to contact the shipper in Turkey when they have the goods from my supplier, and have them prepare the documentation in turkey listing me as supplier (my Spanish company), shipping directly to my UK client. The problem I have with this is Spain requires shipping documents with comercial invoice attached (apart from the E-invoice) from my Turkish supplier to my Spanish Company, otherwise Spain will not recognize the E.-invoice alone. So is this original document from Turkish supplier to my Spanish company preserved by the Carrier(UPS?). And does the merchandise value/shipping invoice on the original document have any validity on this document, since it has never passed customs nor stamped by customs? I guess what I am saying is does the switch happen in Turkey or in UK? Agritech Exim: On 16 February 2015 I am Bhargav from Agritech exim, Ahmedabad. I appreciate your concept of sharing your valuable knowledge about import and export. I want to know that can i get EPCG benefit on high seas purchase? My supplier will transfer B/L to my name and i will file that B/L. Hamza Moideen : On 16 February 2015 I would like to know about bunkering procedures, like how we receive payment , what if we don't receive payment , and how to claim if we dint, and how to get clearance from customs procedures. Admin: On 16 February 2015 Jason Dobrofsky, Approach an expert in handling triangular shipments. Admin: On 16 February 2015 Jason Dobrofsky, Approach an expert in handling triangular shipments. MAHENDRA MEHTA: On 30 October 2015 Sir, I want to know the procedure of clearance of export obligations under EPCG licence. we can deemed export to SEZ. matter most urgent please Akshit Shandilya: On 23 February 2016 Hi,I must appreciate your efforts to decrease the international trade risk. I have a question that my buyer is in Greece and he would like to work with on OA(open account) for the first dealing. He have given me the full details of his Registered office address so to reduce the rrisk of dealing how you guys could help me out what are the documents you require of him. I need to know full procedure so that even if I get loss I can get claim easily. I am from India. Ankit Begwani: On 11 March 2020 Hi I would like to understand the Document dispatch conditions from ECGC in case of Perishable cargoes. We export Agricultural commodities in countries like UAE, Colombo where transit time is short and its difficult to send documents from our bank to BUyer's bank. We do not hold status holder certificate. Can we dispatch documents directly? Will ECGC still pass the claims if any? Thanks for your response in advance. mintu: On 15 July 2022 I HAVE BEEN READING YOU ON IMPORT AND EXPORT ARTICLES. I WOULD LIKE TO KNOW - IN CASE BUYER DOESNT PAY THE OVERDUE BILLS AND ACCOUNT BECOMES NPA BANKER IS ALSO AT FAULT ON TIMELY REPORTING TO ECGC AND THIER COMPLIANCES . ULTIMATELY BANK DONT GET CLAIMS . WHAT SHOULD HAPPEN WITH EXPORTER . HE SHOULD BE THE ONLY ONE SUFFERING IN THIS CASE AS BANK HAVE COLLATERAL SECURTIES TO RECOVER THE DUES . BANK HAVE INITIATED RECOVERY IN SARFESI .