China Export & Credit Insurance Corporation ("China Credit Insurance"), a non-profit policy insurance business established by the state in 2001, aims to promote China's export trade and ensure the safety of foreign exchange collection of export enterprises.

At present, some import and export agency companies cooperate with SINOSURE Insurance for short-term export credit insurance business. In general, short-term export credit insurance business protects the risk of export receipts with a credit period of less than one year.

Process:

SINOSURE Insurance will approve the quota based on the buyer's investigation. After the buyer's quota is approved, the follow-up partnership can be carried out.

Ⅰ. Sign PO

The agency company (direct policyholder) signs a PO with the buyer whose quota has been investigated and approved.

Ⅱ . Preparation before shipment

   1. After the PO is signed, the factory prepares the goods. If there is any inconsistency with the PO at this stage (for example, the delivery period cannot meet the requirements on the PO), it must be communicated by email to ensure that the buyer can accept it. If necessary, the PO will be re-signed .
 
   2. Inspection report, in order to avoid unnecessary disputes such as subsequent buyer's refusal to pay due to quality problems, the buyer needs to show the inspection report to the agency before shipment. There are three ways:

(1) On-site inspection and presentation by foreign buyers

(2) The buyer designates an authorized person for inspection and presentation

(3) The factory directly finds the authoritative inspection company SGS for inspection.

Ⅲ . shipping

Freight forwarding arrangement: When the goods are almost ready, the factory will promptly inform the agency company of the shipment time, and the agency company will arrange booking, trailer and customs declaration. Note: Any freight forwarder who does financing for China Newspaper must be arranged by an agency company; if it is a freight forwarder arranged by a non-agent company of Credit Insurance, the freight forwarder must also be approved by the agency company before cooperation can be made.

Customs declaration arrangement: the factory provides the packing information to the agent company, and the agent company completes the customs declaration information for the customs broker. It should be noted here that the unit price at the time of customs declaration cannot exceed the unit price on the PO, and the quantity should be controlled. Within the acceptable range of overfill and short, the total amount should not exceed the credit guarantee's approved range.

Ⅳ . Insured after shipment

   1. After shipment, submit the following documents to SINOSURE Insurance for insurance:

(1) Bill of lading

(2) Customs declaration

(3) Inspection report

(4) PO signed with the buyer

   2. Time limit for insurance: After shipment, the insurance is valid within 15 days from the date of bill of lading.