Short Term Receivable Insurance

With the Short Term Export Credit Insurance (KVİKS), we cover the commercial and political risks deriving from the cross border sales of our exporters under insurance context.

What is a receivable insurance?

With the Short Term Export Credit Insurance (KVİKS), we cover the commercial and political risks deriving from the cross border sales of our exporters under insurance context. With receivable insurance, we insure our exporters’ shipments up to 360 days within the limits allocated to the buyer companies which reside in the countries that our Bank has added in the context.

What is the purpose of Receivable Insurance?

The aim of the Short Term Export Credit Insurance Program, promoting and directing exports by ensuring that exports of our exporters are covered by commercial and political risks of short-term sales of exports within certain limits on one hand; and on the other hand, and to facilitate the issuance of export credits from commercial banks by showing the policy as collateral.

With our export credit insurance program started to be implemented in our Bank in 1989, we ensure that our exporters collect risky receivables from abroad and ensure that our exporters find new markets with confidence. In this way, we are helping our exporting firms to increase their sales volume abroad and support our exporters to improve the quality of their customer portfolio.

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How Is It Used?

Export Credit Insurance processes can be summarized in 6 steps. You can find the user manuals of the e-branch to be used in the mentioned transactions and the links to the forms related to the program (which will be directed to the user manuals).

  1. Application procedures and policy activation

    Two copies of the policies are issued after the delivery of the documents required for Export Credit Insurance. After signatories of our exporters and the signing of mutual internet user contracts by our Bank’s authorities, the policy is activated by defining the e-branch user accounts for the authorities requested by the company.

  2. Buyer limit application

    The e-branch passwords sent to the user are used to login to the system. We expect our exporters to apply for a buyer limit for the buyer companies that they sell with term and for the buyer companies that are likely to sell. For the application of buyer limit, we expect the entry of the information in the buyer’s name, country, address, telephone number, trade registry number or tax number fields to be requested on the E-Branch. You can use the list below to find the buyer company’s trade registry number and tax number formats you wish to include in the Buyer Limit application. (link) Within the list, along with the trade registry number and tax number formats, the mandatory fields were highlighted in yellow based on country.

  3. Shipment notice

    We expect notification of all shipments actually exported within the relevant month, whether or not covered by insurance from the policy start date, in month basis within the first 10 days of the next month via E-branch.

    For example, all shipments that have actually been exported in October are entered into the system until 10 November. Among the mentioned shipments, the premium calculation is performed in the last working day of the month which the notification is made on the shipments to the buyers with limit and our insured exporter is informed. For the TL calculation of the premium amount, the TCMB currency sale exchange rate is considered for the last working day of the previous month which the notification for the shipment is made. In the first week of the next month it is expected that these premiums will be paid.

  4. Notification of past due receipt

    If there are amounts that have not yet been collected when the maturity is due from the shipments covered by insurance, (VGAB) will be issued within 60 days from the date the billing period expires. The important thing to note here is that 60 days period is valid from the maturity date (after the receipt of the invoice) agreed upon with the buyer. The limit allocated to the buyer should not be taken as a basis. Because the limit of the buyer and the invoice may vary.

    In case of declaration of past due receipt, our bank requires customs declaration, invoice and delivery document for follow-up of the relevant receivable from the insured.

  5. Compensation transactions

    Following the past due declaration to our Bank, if the failure of collection of the receivable status is within the risk categories covered by the policy (commercial and political risk), it is decided to pay compensation to the insured company according to the loss compensation rate (90%) and compensation transactions begin. After 4 months from the date on which the receivable is filled, the damage is approved and payment is made. Compensation payments are made in TL currency on the basis of the TCMB foreign exchange buying rate, valid for the first business day of the month in which the notice is written by Türk Eximbank.

  6. Collection transactions

    Following the payment of compensation, the debt transferred from the insured will be tried to be collected from the buyer which a compensation payment is utilized on behalf. If the related collection takes place, the amount collected will be shared as per the damage compensation rate (10%) after the litigation and follow-up costs and other costs for collection are deducted. If collection is made because payment is made with 90% compensation rate in the first stage, 10% collection fee will be paid according to the remaining amount.

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