Sberbank and EXIAR launch service to insure export contracts
- Remote service for corporate customers available via Sberbank Business Online, letting users insure contracts or delivery without going to insurance company’s offline offices
- Service protects Russian exporters against risk of non-payment by foreign buyers
June 16, 2020, Moscow — Sberbank and the Russian Agency for Export Credit and Investment Insurance (JSC EXIAR), which is part of Russian Export Center Group, have launched a service for exporters letting customers insure a contract or a delivery without visiting insurance agency’ offices. The insurance service will protect Russian exporters against foreign customer non-payment.
To sign a contract with EXIAR an exporter needs to log into one’s Sberbank Business Online profile to fill in a form, sign it, and send it in one click to EXIAR for further consideration. From now on, customers don’t need to do extra paperwork. EXIAR commits to considering applications within 17 business days. A policy covers 70% of the insured amount of the supplies scheduled for delivery under an export contract payable in arrears.
The insurance premium stands at RUB20,000, which can also be paid using a Sberbank Business Online account.The Export Contract Insurance service is a safe way to protect Russian sellers from the risk of non-payment by a foreign buyer, which pays in arrears. For our customers’ convenience, we’ve made the service 100% digital – you can apply for it, send your application to EXIAR, and pay for the service using Sberbank Business Online.