Short Term Export Credit Insurance短期出口信用保险英文条款.doc

China Export & Credit Insurance Corporation Short Term Export Credit Insurance - Comprehensive PolicyShort Term Export Credit Insurance - Comprehensive PolicyChapter One Scope of PolicyArticle I.Exports insurable under the Policy are the exports conducted by the entities incorporated under the law and registered within the territory of the Peoples Republic of China (hereinafter refers to as “China”) who are licensed to handle import-export business provided the following terms and conditions are satisfied.1. Goods are exported from China,2. The Sales Contract, which specifies the transaction essentials including the name, quality standard, specification, quantity, price of the goods as well as the time limit for performance, is issued in written form and come into effect before the export,3. The payment term includes documents against payment (D/P), documents against acceptance (DA) and open account (OA), etc and the period of payment under which is not exceeding 180 days.Chapter Two CoverageArticle II. The Insurer shall indemnify the Insured, and subject to the payment of premium by the Insured in accordance with the terms and conditions of Article Five, against direct losses resulting from the following event occurring after the exports pursuant to the sales contracts.1. Commercial risk:a.Buyers Insolvency and/or Inability to pay the debt due, namely the buyer is declared to be bankrupt or loose the capability of paying debt;b.Protracted default, which occurs when the buyer has received the goods whilst the debt remains unpaid in whole or in part after expiration of the due date due to the non-compliance of its contractual duty by the Buyer;c.Buyers Refusal to take delivery of the goods, namely the Buyer fails to observe its duties under the sales contract and refuses to take delivery of the arrived goods.2. Political riska. The operation of any laws, regulations, orders, rules or administrative measures of the buyers country or region which prevents or restricts the transfer of payments due in the currency designated in the invoice or in any other freely convertible currency.b. The imposition of any laws, regulations, orders, rules or administrative measures by the buyers country or region which restrains the import of the goods ordered by the buyer.c. The imposition of any laws, regulations, orders, rules or administrative measures by the buyers country or region which revokes the buyers previous import license or prevents the extension of its validity;d. A general moratorium decreed by the buyers country or by a third country through which the payment must be effected;e. The occurrence of war, civil commotion, insurrection, revolution or rebellion, which prevents the buyer from performing its contractual duty;f. Unless otherwise provided by the Policy, the occurrence of any other events deemed to be political risks by the Insurer, which prevents the buyer from performing its contractual duties. Chapter Three ExclusionsArticle III Notwithstanding other provisions contained in the Policy, the Insurer shall not be liable for any loss arising from the following events:1. Wear and tear, damage, spoilage, loss or destruction of the goods occurred during the transportation and/or the storage period and/or the loss which has been insured or can be insured at the time of export in the customary way by cargo insurance or other similar class of insurance;2. Exchange rate fluctuations;3. A breach of any duties under the sales contract or any competent law by the Insured or its agent;4.Insolvency, any breach of contract, fraud, violation of law and any similar acts on the part of the buyers agent;5 Commercial risks due from export to any Affiliated Company;6The frustration of the Sales Contract due to the failure of timely obtaining of any necessary import or export license, approval or authorizations by the Insured or the buyer; 7.The Insured waives its rights to rescind or suspend the contract and carry on to release the goods despite the fact that risks listed in Article II of Chapter Two and/or the material breach and/or anticipating breach to the sales contract by the defaulting buyers has occurred and the occurrence of which has come into the Insureds knowledge before the export;8. The export to the buyer when at the time of shipment the buyers Credit Limit approved by the insurer is “Zero” or when the Credit Limit has been withdrawn, void or when the Discretionary Credit Limit has no apply;9.The release of goods by any bank, freight forwarder or carrier without proper authority;10. The loss occurred prior to the export ;11. Ionizing radiations or contamination directly or indirectly caused by radioactivity of nuclear waste or the combustion of nuclear fuel, and/or radioactive, toxic, explosive or other hazardous properties caused by any explosive nuclear assembly or nuclear components thereof, 12. The war(s) between any two or more of the permanent members of the Security Council of the United Nations;13. Any other losses beyond the scope of Coverage of the Policy.Chapter Four Limit of LiabilityArticle IV. The Maximum Limit of Liability under this Policy is the maximum amount of aggregated loss the Insurer may be liable to pay during the term of the Policy and in respect of the exports declared under the Policy. The Maximum Limit of Liability will be specified in the Policy Schedule.Article V. The Credit Limit includes Discretionary Credit Limit set up by the Insured and Credit Limit approved by the Insurer.1. Unless otherwise provided by the Policy, the Discretionary Credit Limit operates when the Maximum Limit of Liability is automatically granted by the Insurer without prior application by the insured for exports to a certain buyer in accordance with the terms and conditions specified in the “Insured Country / Region List”. The Discretionary Credit Limit will be specified in the Schedule of the Policy. The Insurer will be liable to the exports in line with the Discretionary Credit Limit when the procedure for Credit Limit approval was not triggered. The Amount Payable is however subject to the Percentage of Indemnity specified in the Policy Schedule.2. The Credit Limit approved by the Insurer is the maximum amount of loss that the Insurer may be liable in respect to a certain export to a certain buyer. The amount payable is however subject to the Percentage of Indemnity specified in the Policy Schedule. The Insured shall apply to the insurer in a written form for a Credit Limit for each buyer individually. The Credit Limit approved by the Insurer is valid for the corresponding export made after its effective date. Unless otherwise provided, such Credit Limit is revolving for the whole period of insurance. The Discretionary Credit Limit becomes void accordingly once the Credit Limit approved by the Insurer came into effect. 3. The Credit Limit approved by the Insurer in respect of a certain buyer becomes void automatically upon the Insureds filling of “Notification of Likely Loss” by to that certain buyer.Article VI. The Insurer reserves the right of withdrawing or modifying the Credit Limit, including Discretionary Credit Limit, in respect of a certain buyer or a certain country and inform the Insured in writing for the purpose of risk control, loss prevention and loss reduction. A withdraw or modification as such is valid for the export occurred after the date when the notice of withdraw or modification is served to the Insured or after its effective date specified in the notice.Chapter Five Premium and other chargesArticle VII. Premium1. This Policy is classified as a master Policy. Except for the export where the buyers Credit Limit approved by the Insurer is Zero or the Discretionary Credit Limit has no apply, the full premium shall be paid by the Insured for the entire export turnover insurable under the Policy and in line with the rate specified in the Policy Schedule.2. The Insurer will monthly calculate the payable premium on the basis of the invoice value declared by the Insured in accordance with Article XI of the Policy and at the rate specified in the Policy Schedule. The Insurer will then produce the corresponding Debit Note and send it to the Insured. The premium shall be paid by the Insured in full amount within 10 days when the Debit Note is served. The Insurer shall be released from any liability to the relevant export declared by the Insured in the case the Insured fails to pay the premium within the requisite time limit.3. The acceptance by the Insurer of any declaration and/or receiving of premium does not constitute the acceptance by the Insurer of any insurance liability. The Insureds due observes of the terms and condition contained in the Policy is a condition precedent to the Insurers liability of settling any claim. 4. The Insurer reserves the right of modifying the rate applicable to a certain country or a certain buyer by giving a written notice to the Insured. The modified rate shall take effect as from the effective date stipulated in the notice of modification. Article VIII. Fees for Buyers Credit InvestigationFor each buyer that the applied Credit Limit is concerned, the Insurer shall charge the Insured for credit investigation in line with the tariff specified in the Policy Schedule and produce a credit assessment report accordingly. The Insured shall pay to the Insurer the relevant investigation fees within 10 days upon the receipt of the debit note.Chapter Six General ConditionsArticle IX. The full amount of premium shall be paid by the Insured to the Insurer as required by Chapter V of the Policy for the entire export turnover in line with the Scope of Policy, regardless the export is declared or not. If the Insured intentionally or negligently fails to declare in whole or in part, and as a consequence the undeclared proportion of the premium exceeds 10% of the full payable premium, the Insurers obligation for the entire export business under the Policy is relieved in whole or in part and the premium paid to the insurer is not to be refund. The Insurer is further entitled to recover from the Insured any claim payment made before.Article X. The Insured shall provide, in the written form agreed by the Insurer, its declaration of the entire export turnover occurred in the previous month before the 10th date each and every month. The Insurers liability is relieved in whole or in part for the undeclared or wrongly declared proportion of the export. The Insured is obliged to declare as soon as possible and in a remedial way notwithstanding the failure to declare within the time frame in the first place. If however the loss has occurred and/or the insuring event has occurred to such un-declared export, the Insurers liability for the un-declared proportion of export is relieved. Article XI. The Insured warrants that all the documents and/or declaration provided to the Insurer are adequate and valid. In the case that the above documents or declaration is proved to be fraudulent, deceiving or misleading, the Insurers obligation(s) of any form in the Policy, including un-expired policy liability, outstandingly claim liability and un-paid claim liability, is (are) to be fully relieved and the Insured will not be entitled to refund of the paid premium whereas the Insurer is free to rescind the Policy in its sole discretion.Article XII. Without the obtaining of prior written consent from the insurer, the Insured shall not amend the sales contract, including but not limited to the amendment of term of payment or extension of the period of payment. Otherwise the Insurer shall not be liable for loss occurred to the underlying export.Article XIII. Cargo insurance for the declared export goods must be arranged either by the Insured or confirmed to be arranged the buyer. Otherwise, the Insurer shall not be liable for the loss occurred subsequent to the failure to do so.Article XIV. The Insured must take all reasonable care to review and verify the sales contract and the supporting certificate, audit the contract performance frequently and to take all practicable measures to collect the overdue account. Article XV. The Insured must submit in written form “Notification of Likely Loss” in line with the Article XX of the Policy. Failure by the Insured to do so, the Insurer is entitled to decrease the Percentage of Indemnity by 10% for each and every month in delay. Once the overdue amount is received after the submission of the “Notification of Likely Loss”, the Insured shall notify the Insurer in writing within 10 working days upon the receiving of the overdue amount. Article XVI. In the case of occurrence of Political risks covered by the Policy, the Insured shall, to the extend the law allows, require and supervise the buyer to pay the equivalent amount payable in local currency into a bank account named by the Insurer or the Insured with irrevocable instruction of transferring to the Insured.Article XVII. When the Insured become aware of any negative information in regard to the buyer and/or the occurrence or likely occurrence of any insured loss, the Insured shall take all necessary steps promptly to avoid or minimize the loss and shall inform the Insurer by a written notice. In the case that the Issuing Bank is declared to be bankrupt, the Insured is required by the Policy to register the relevant claims at the jurisdictional court or other relevant institutes where the buyer locates.Article XVIII. The Insured shall permit the Insurer full access of the relevant books of business, contracts, documents and certificates relevant to the LC, the shuttlecock letters with the Buyer, etc., and provide all assistance deemed necessary for the Insurers inspection.Article XIX.Insured must take all the steps to comply with the obligation the Policy may require. The insurers duty for payment is relieved in whole or in part when the insurers interest is prejudiced by the breach of the insureds obligation.Chapter Seven Threatening Loss, Claims and Claim SettlingArticle XX. Threatening Loss1. The Insured shall submit the “Notification of Threatening Loss” to the Insurer within 10 days upon the knowledge by the Insured of the occurrence of the insuring events under the Article II of the Chapter Two of the Policy including Political risk, the Insolvency of the Buyer and the Buyers Refusal to take delivery of the goods. In the case of Protracted Default, the Insured shall submit the “Notification of Threatening Loss” to the Insurer within 2 months from the date of delay.2. The Insured is required to commence recovery upon the insurers direction after the submission of the “Notification of Threatening Loss” and the recovery expenses, except for the Attorney Fees, Litigation, Arbitration and the Commission, shall be bear by the Insurer in the first place. In the case of Insureds failure to do so, all expenses arising thereof shall be bear by the Insured.Article XXI. Claim1. Insured shall submit the “Letter of Claim” to the Insurer within 4 months following the submission of the “Notification of Likely Loss”. Failure to do so shall be viewed and taken as the waiver by the Insured to claim under the Policy. 2.The Insured shall provide all the supporting documents and certificate specified in the “Letter of Claim”，otherwise the Insurer is entitled to reject the file and not to proceed the claim handling process. Article XXII. Whilst in ascertaining losses relating to the contracts with payment guarantee clause or contracts under trade dispute, the following rules will apply:1. In the case of contracts with payment guarantee clause, unless otherwise accepted by the Insurer in a written form and before the guarantor has paid the amount in accordance with the guarantee agreement or that a final judgment enforceable was obtained from the court or arbitration court where the Insured has instituted the legal process, the process for claim handling and the ascertainment of loss will not be commenced 2. In the case of buyers refusal to pay or to take delivery of goods resulting from trade dispute or antidumping measures, unless otherwise accepted by the Insurer in a written form and before the guarantor has paid the amount in accordance with the guarantee agreement or that the a final judgment enforceable was obtained from the court or arbitration court where the Insured has instituted the legal process, the process for claim handling and the ascertainment of loss will not be commenced3. The litigation fees and arbitration fees incurred under clause 1and clause 2 of this Article shall be paid in advance by the Insured. Only if it is determined that the Insured has won the suit and that the loss is covered by the Policy, shall the above fees be shared between the insurer and the Inured in their respective proportion. Otherwise, all the relevant fees shall be in the Insureds sole account.Article XXIII. The following items shall be deducted from the sum in calculation of loss amount:1. Items that have been paid, debited, set-off by the buyer or the item of counter claim which has been agreed by the Insured 2. Items that the Insured have recovered from other recourses, including but not limited to items obtained by reselling the goods and/or disposing the pledge and/or sums paid by guarantor. 3. The deducted or the waived part of the debt agreed by the Insured without prior consent of the Insurer.4. Interest or penalties which the Insured is entitled to under the sales contracts;5. Other items or interests belonging to the buyer that has been obtained or confirmed to be obtained by the Insured.6.