Image credit ncbcp.org

Image credit ncbcp.org

ZIMSEC O Level Commerce Notes: Insurance: Exports Credit Guarantee Department (ECGD)

  • Also known as Export Credit Guarantee Corporation (ECGC)in Zimbabwe.
  • Covers risk of non payment by importers due to:
  • lack of foreign currency.
  • Political instability.
  • Outbreak of war.
  • Overseas state interferences.
  • Provides comprehensive policies to cover the whole of export businesses for at least 12 months.
  • Provides specific polices to cover single transactions involving construction projects for which payments are spread over a number of years.
  • Compensates exporters if an importer defaults.
  • Investigates creditworthiness of importers.
  • Monitors the importer’s risk change.
  • Collects overdue debts.
  • Finances the exporter in the interim.
  • Policy acts as collateral security for loans given.

To access more topics go to the Commerce Notes page.

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