SMALL EXPORTER'S POLICY : The small exporter's policy is basically the standard policy. It incorporates certain improvement in terms of cover, in order to encourage small exporters to obtain and operate the policy. The main features of this policy are:
i) The policy is issued to exporters whose anticipated export turnover for the next 12 months does not exceed Rs.25 lakhs.
ii) The policy is issued for a period of 12 months.
iii) Shipments need to be declared only twice. The first six months shipment is declared in the seventh month and the last six months shipment is declared in the 13th months.
iv) The exporters are required to submit monthly declarations of all payments remaining overdue by more than 60 days from the due date.
v) ECGC will pay claims to the extent of 95% where the loss is due to commercial risks and 100% if the loss is caused by any of the political risks.
vi) The waiting period of claims has been reduced to 2 months.
vii) In order to deal with the buyers, exporters have been permitted to change in terms of payment or extension in credit period.
viii)In case of resale of unaccepted goods, the corporation may consider reasonable amount for payment of claims.
ix) The corporation may also consider the' claims due to loss or damage to goods.