Specialty insurance brokers are considered an important part of the Export- Import Bank of the United States (EXIM) business. They help sell and service export credit insurance products to small businesses nationwide. Registered EXIM Bank brokers not only provide expertise about EXIM products, but they also provide expertise on private market products in order to ensure each exporter has mitigated any risks when going global. In addition, EXIM Bank has Regional Directors across the country that work alongside brokers to help exporters understand which trade finance products fit best, how to expand operations in order to fulfill export orders and which government products can help support a company’s global expansion plan.
Brokers registered with EXIM Bank have gone through EXIM training to understand the ins and outs of all EXIM insurance products and services. They receive commissions from EXIM and it’s no charge to exporters! Registered EXIM brokers can help you (the exporter):
- Choose the right EXIM product
A broker will look at your business portfolio to advise you on how to obtain the optimum risk coverage at the lowest cost.
- Submit an EXIM application
A broker will help you use EXIM Online, our export credit insurance customer and broker online portal, to apply for insurance. Plus, no fee is paid by the exporter for the broker to complete and submit the application.
- Obtain Credit Limits for Your Buyers
EXIM Bank can provide buyer credit limits based on your buyers’ credit history.
- Report shipments
Work with your broker to report shipments and pay your premiums through EXIM Online.
- Renew Policies
A broker will help to make sure you have continuous coverage when your policy comes up for renewal
- File a Claim
In case a foreign buyer defaults, your broker will work with you to file a claim through EXIM Online to ensure you get paid.
EXIM strongly encourages small businesses to use a registered EXIM broker for the reasons listed above. Small businesses rely on brokers so that time and resources can be spent on growing the business.