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Exporters-clients of Uzbekinvest receive timely compensation for losses and can confidently carry out their activities.
Exporters often face the problem of timely and guaranteed payment. Moreover, the risks have increased against the background of the suspension of activities of foreign partners due to restrictions imposed by all countries because of the COVID-19 pandemic.
In such cases, what should the exporter do to prevent possible losses and receive a guarantee of their coverage?
An insurance company acts as such a guarantor. It guarantees compensation for losses in case of financial losses, including non-receipt of funds from a foreign partner. Thus, by concluding an insurance contract, the exporter receives insurance coverage.
Therefore, for example, for several years, an exporting company from the Samarkand region, UrgGaz Carpet LLC, regularly shipped textile products on a deferred payment basis and purchased an Uzbekinvest insurance policy. In September 2019, the company shipped another batch of products in the amount of USD 108 thousand to its Kazakh partner. However, the buyer did not receive payment under the export contract.
UrgGaz Carpet applied to Uzbekinvest for insurance compensation in the amount of non-received foreign currency earnings. Within the framework of the concluded agreement on insurance of the export contract against the risk of non-payment of payment by the foreign importer, Uzbekinvest paid compensation in the amount of 1 billion soums (108 thousand dollars).
Having approached with responsibility to work with a foreign partner, UrgGaz Carpet received full coverage of its losses. Now the company can confidently continue its activities for the production and further export of its goods.
Exporters who have insured export risks in the Uzbekinvest Company receive a guarantee of compensation for their possible losses and can confidently manufacture and export products.
Following the results of eight months of 2020, Uzbekinvest provided national exporters with insurance coverage for $ 906.4 million.
"Uzbekinvest" will continue to strictly fulfill its obligations to its clients on all types of insurance.