What are the principles of ECGC operation? Discuss the procedural formalities and documents required for making a claim under ECGC?

Basic Principles of ECGC Operations:

 Export Credit Guarantee Corporation of India works on two basic principles as detailed below:
1. Spread of Risk
2. An exporter is a Co-insurer
1. Spread of Risk: All exporters are required to insure all the shipments that are likely to be done by loan during the next two years. To avoid undue difficulty to the exporters certain exceptions as under have been made against.
i advance payment
ii irrevocable letter of credit confirmed by banks in India.
Shipments made to agents and associates may also be excluded.
When an exporter handles and deals in different categories and types of goods he may exclude those items that are not allied to the main export items. The idea is not to allow an exporter to pick and choose only the bad risks for reduction of the premium he has to pay to obtain the policy. When everything is in general way than the premium is little low. However, the exporter is take political cover for transactions to under this clause.
An Exporter is a Co-insurer
Export Credit Guarantee Corporations only reimburses losses suffered by an exporter who has obtained its policy maximum upto 90% of the losses on account of political or commercial risk. In the event of loss due to repudition of contractual obligation by the buyer ECGC indemnifies the exporter upto 90 percent of the loss. In such situations a final and enforceable degree against the overseas buyer is obtained in a competent court of law in the buyer’s country. The corporation at its discretion may waive such legal action worthwhile against the buyer if that thinks that such a costly action is not exporter and in such cases losses to the exporter are indemnified upto 90 percent, the _________ ___ _______ _____ ______ _____ _______.
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