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| Sunday, 14 April 2002 |
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Business |  |
| News Business Features Editorial
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SLECIC pays claim to Commercial Bank The Sri Lanka Export Credit Insurance Corporation (SLECIC) has paid a claim to the Commercial Bank of Ceylon under its Export Payments Insurance Policy. Under the policy, SLECIC indemnifies exporters against non-payment by overseas buyers due to commercial and non-commercial (political) risks. In this case, the claim had arisen due to non-payment by the buyer, who had faced financial constraints due to the rouble crisis in Ukraine. When payments were delayed, SLECIC had minimised the loss by reducing the likely loss to a lower percentage. Under commercial risks, claims are paid for insolvency of the buyer, protracted default of the buyer and for repurdiation of contract by the buyer after the goods have been shipped. Under political risks, SLECIC underwrites country risks which arise from wars, civil wars, insurrections, import bans, exchange transfer delays, diversion of voyages and acts of God. |
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