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Get a Premium Estimate Quickly with Updated EXIM Calculator
November 17, 2022 Ken Click, Business Development Specialist

One of the most common questions that many U.S. small business exporters ask about EXIM Single-Buyer Export Credit Insurance (ECI) policies pertains to cost, especially when the exporter is shipping to a new country and/or has never used trade credit insurance before. After gathering feedback from users of the former Short-Term Calculator which remained on for several years, and recognizing the need for greater pricing transparency, a new version was released in September.

Short-Term Export Credit Insurance enables qualified U.S. exporters to insure against nonpayment by a foreign buyer as well as extend open account credit terms to a foreign buyer. While EXIM offers Multi-Buyer and Single-Buyer versions of ECI, the calculator provides a non-binding premium estimate only for Single-Buyer and Letter of Credit Insurance. The latter can reduce a bank’s risks on confirmations and negotiations of irrevocable letters of credit issued by overseas financial institutions for the financing of U.S. exports.

The major calculator update is that it now references data from EXIM’s Country Limitation Schedule (CLS). Typically updated quarterly, the CLS contains an alphabetical list of countries and indicates whether full, limited, or no EXIM support is provided for public and private-sector-type buyers in each country. Calculator users can select the country they’re invoicing and then this important CLS information appears, along with country notes if applicable (e.g., Note #4: "EXIM cover/support for private sector transactions is typically limited to transactions with a commercial bank as obligor or guarantor…”). While the CLS webpage will remain on, it’s now easier to find the country information and get a non-binding premium estimate in one place.

To obtain a non-binding premium estimate, simply select a country from a drop-down menu, enter an invoice amount and payment term, then press ‘enter’. The previous version of the calculator required users to make manual calculations.

After receiving a premium estimate, interested U.S. exporters should review EXIM’s Qualifying a Foreign Buyer infographic which outlines the required documents from EXIM’s underwriting department for consideration of ECI approval. 

For assistance with the calculator or to learn more, please click here to schedule a free consultation with an EXIM trade finance specialist.

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EXIM’s Blog postings are intended to highlight various facets of exporting, but the postings are not legal advice, and are not intended to summarize all legal requirements associated with exporting.