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30.04.2019 - KAFOLAT Insurance Company JSC took part in a scientific and practical meeting held at the Institute of Fire Safety on the topic “Problems of creating a fire insurance institution in the Republic of Uzbekistan” >>> | 29.04.2019 - The results of the first quarter of 2019 KAFOLAT Insurance Company >>> | 27.04.2019 - April 26 at the National University of Uzbekistan named Mirzo Ulugbek, a scientific and practical conference was held on the topic "Priority directions of modernization of the insurance system of the national economy" >>>

Export insurance

The object of insurance is the Insured's property interests associated with the default of the Debtor to timely payment for the policyholder in accordance with the terms and conditions set forth in the Contract, in which default results from commercial and political risks.


RISKS:
Commercial risks:
a) Bankruptcy or insolvency of the debtor, so that debtor has not paid or can no longer pay the bills for goods (services rendered, work performed) that are subject to the Contract;
b) Long-term non-payment of Debtor for the granted trade credit by the Insured Upon expiration of the provided waiting period indicated in the insurance Agreement. The date of onset of prolonged non-payment recognizable as the insured event is the day following the last day of the Waiting period, a period which is stipulated in the contract of insurance. The waiting period begins on the day following the expiration dates of payment under the contract concluded between the insurer and the Debtor.
 
Political risks:
a) Declared or undeclared war, civil unrest, revolution, terroristic acts, sabotage, insurrection, rebellion, armed seizure of power by a rebellion in the Land of the insurance coverage, so that debtor cannot fulfill the conditions of the Contract, including to repay debt (accounts receivable) entered into insurance contract between the Insured and the Debtor.
 
b) The introduction of embargoes by the Government for activities of the insurance coverage on imports or exports, the publication of any law, decree, a regulatory act which prevents, restricts and / or prohibits the import and export of goods (works, services) and which directly impedes the realization of payments under the Contract concluded between the Insured and the Debtor, or the blocking of commerce by the decision of the United Nations (UN) as the repressive measures against the country in which the insurance coverage is carried out for breach of The UN Charter or other improper actions.
 
c) The actions of the country, in which activities of insurance coverage are carried out, impeding the implementation of the conditions of the contract between the Insured and the Debtor as a whole or its parts, including the introduction of new legislation that represents discriminative character against the Republic of Uzbekistan.
d) Delayed transfers related to the proper shipment of goods (services, works) and is directly caused by the inability of the respective authorities of the country in which activities of insurance coverage are carried out to approve  and to transfer the currency of the Contract to the Insured due to a lack of freely convertible currency, an expression of moratorium on servicing foreign debt of the country, in which activities of insurance coverage are carried out, to the Republic of Uzbekistan, restricting payments between the Republic of Uzbekistan and country in which the insurance coverage is carried out, and provided that the Debtor made a deposit in local currency in the authorized body of the country, in which activities of insurance coverage are carried out, required for the acquisition and transfer of currency of the Contract. The amount of the deposit, not transferred to the Insured during the waiting period is the amount of the loss.
 
 By agreement between the parties insurance may be carried out for all simultaneously or in any combination of insurance risks.
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