Credit Insurance Policies
Export Turnover Policy
Turnover policy is a variation of the standard policy for the benefit of large exporters who contribute not less than Rs. 10 lacs per annum towards premium. Therefore all the exporters who will pay a premium of Rs. 10 lacs in a year are entitled to avail of it.
Distinct features of Turn Over Policy
The turnover policy envisages projection of the export turnover of the exporter for a year and the initial determination of the premium payable on that basis, subject to adjustment at the end of the year based on actual. The policy offers simplified procedure for premium remittance and filing of shipment information and a substantial turnover based discount on premium rate applicable for standard policy i.e. Shipment Comprehensive Risk (SCR) policy. It also provides for higher discretionary credit limits on overseas buyers, based on the total premium paid by the exporter under the policy. The turnover policy is issued with a validity period of one year. In most of the other respects including commercial and political risks covers, the provisions relating to standard policy will apply to turnover policy.