Are you exporting U.S. made products? If your answer is yes, EXIM has invoice insurance protection in case your foreign customer(s) cannot or do not pay you.
EXIM is a U.S. government agency that provides insurance coverage up to 95 percent of the exporters’ invoiced amount for both commercial risks (such as foreign buyer insolvency or default because of currency devaluation) and political risks (such as war or hostilities in the region where the foreign customer is located)
EXIM's insurance enables U.S. exporters to sell on competitive “open account” credit terms (e.g., net 60days) instead of requiring cash-in-advance, credit cards or costly and complicated letters of credit from foreign buyers. U.S. exporters should not have to forego sales because they cannot match the credit terms offered by a global competitor.
As a small business exporter, check out some benefits that EXIM invoice insurance can offer:
- Almost all EXIM foreign receivable insurance policies have no up-front cost to the U.S. exporter, in order to sign up;
- There’s no minimum volume or minimum invoice amount and policies are pay-as-you-ship when activating the coverage on the foreign buyers invoice(s);
- The only cost to the U.S. exporter is the insurance premium;
- EXIM has export invoice protection available in over 180 countries around the world.
The EXIM export invoice insurance program is web-based and can be accessed 24 hours a day. EXIM’s approval process typically takes 10 days or fewer when reviewing the creditworthiness of a foreign buyer. One of our trade specialists will help you fill out the initial application once you have just one customer in mind that you would like to insure.
Finally, if there is a default by a foreign customer, the U.S. exporter is paid in 60 days or fewer upon filing the claim package. The turnaround time on claim filings averages about 30 days.
Ready to talk to an EXIM regional trade specialist in your area to discuss your financial needs? Fill out this short form below to get started.