Insurance of letter of credit

Insurance of letter of credit…

Insurance coverage
Letter of Credit, issued for the benefit of Bulgarian supplier.

Covered risk
the failure and/or refusal of the Issuing Bank, where the Issuing Bank has no right or cause under the terms and conditions of the Letter of Credit to honor its obligations of payment to the Insured, on the respective Due Dates.

Fees and time for response to the insurance application…

The insurance candidate pays a fee for assessment of the debtor’s  creditworthiness and granting of the credit limit. It depends on the State of the debtor.

The candidate gets discount on the fee for financial analyses for the risk assessment of more than one debtor.

The usual terms  for assessing the debtor’s risk and answer to the application are:

 

  • 7 days for debtors, registered as traders on the territory of Republic of Bulgaria;
  • From 10 to 15 days for debtors, registered traders outside the territory of Republic of Bulgaria.