Malaysia

Coverage and benefits

The Policy will indemnify the insured against non-payment for goods and services by a buyer, due to:
a)Insolvency
If the Insured buyer has been proven to be insolvent, the Company will indemnify the Insured up to the percentage of Invoice Value or Indemnity Value as provided in the Policy Schedule.
b)Default
i.Protracted Default:
The Company will indemnify the Insured should a buyer fail to make good or compensate the Insured for the value of goods dispatched to `Insured’s buyer(s), or any outstanding amount due to the Insured.
ii.Default arising from Frustration of Contract:
The Company will indemnify the Insured for non-payment from the Insured’s buyer arising from contract frustration as a result of natural disasters, political or economic upheaval, but only to the extent stipulated in the Policy and Policy Schedule.
Major exclusions
This policy does not cover:
  • Losses arising from the failure by you or your representatives to comply fully with any of the terms or conditions of your contract with your buyer.
  • Losses directly or indirectly caused by contamination arising from ionizing, radioactive, toxic, explosive or any other hazardous effects/properties of any explosive nuclear assembly, component, fuel, combustion or waste.
  • Losses arising from failure to comply with standard administrative requirements for the export of your goods.
  • Losses arising in connection with dispatch of goods, payment or other such activities to a third country, unless otherwise agreed with us in writing.
  • Losses arising directly or indirectly from war between any one of the following countries: China, France, the United Kingdom, the Russian Federation and the United States of America.
  • Losses arising due to:
    i. Any interest accruing after the due date of payment, or any exchange loss;
    ii. Any penalties or damages, contractual or otherwise;
    iii. Any costs pursuing payment where the buyer claims for any reason to be justified in withholding payment; and
    iv. Any currency exchange rate fluctuations except those which might be covered in the Discharge of Debt cause of loss.

    Note: This is non-exhaustive. Please refer to policy wording for full details.

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Disclaimer
The information above is just a summary of this product. For more information on precise terms, exclusions and conditions, you may read the policy wordings, product disclosure sheet and brochure or you may send in your enquiry.