Unconfirmed Letter of Credit Insurance Policy

Covers the failure of an issuing bank to honour its obligation of payment on the original due date. The insurance policy covers both credit and political risks.
Dhaman compensates the policyholder up to 100% of the L/C value following risk materialization.

Procedure

  • Application form

    The exporter applies to ULC insurance

  • ULC Insurance quotation

    Dhaman provides the exporter with an indication detailing the scope of cover and the pricing

  • Issuance of the Insurance policy

    Acceptance of quotation/policy signature/premium payment

  • Declaration of shipments

    Declaration of shipments made under the insured Letter of Credit within 7 days

  • Compensation Process

    Declaration of default of payment/Compensation disbursement/Collection from the defaulting Bank

Contact info

  • Sara S. Alrifaee Head of Short-term Export Credit Insurance

  • +965 24959534
  • sara@dhaman.org