Policy Beyond Borders: full risk insurance cover on 160 export markets
KUKE is responding to the pandemic-related economic crisis with the Policy Beyond Borders – a new insurance scheme backed by the State Treasury, encompassing exports to 160 countries and also covering political and force majeure risks apart from commercial risks.
The pandemic, causing a serious economic crisis, has significantly restricted trade between countries, thereby impeding the continuation of foreign expansion for Polish exporters. Additional risks have appeared, like the emergence of coronavirus-related restrictions in the counterparty’s country that may, in turn, lead to defaults on payments for received goods. This is why KUKE is offering a new solution that will allow sales to 160 countries, including numerous markets that remain uninsured by other insurance societies and corporations, to be effectively secured. Among the countries that we cover under our insurance are: Russia, Belarus, China, Saudi Arabia, Mexico, Algeria, Nigeria, Vietnam, and many other Asian, African, and Central and South American states.
The greatest advantage of the new instrument is its geographical scope, broad spectrum of insurance that also covers political and force majeure risks, including the pandemic, and free risk assessment and monitoring, inclusive of debt collection. This is further reinforced by a transparent price formula and numerous, previously unavailable functionalities – and everything can be done online.
Risk assessment and debt recovery operations play a considerable role in sales to third countries. Many entrepreneurs are grappling with problems relating to the recovery of receivables within the country itself, without mentioning remote ‘exotic’ markets. KUKE, however, first and foremost provides free risk assessment followed by effective monitoring and, consequently, free and effective debt collection thanks to its extensive and lengthy experience and collaboration with international companies dealing with such matters. Furthermore, the exporter pays only for the sales that have actually been completed and the size of the granted limit has no bearing. The premium is charged monthly, based on the value of the reported turnover, and only a minimum premium of a mere PLN 30 is charged (up to the granted limit of PLN 500,000) in the absence of sales, or PLN 120 (over PLN 500,000). The exporter’s deductible has also been set at a low level of 5 percent.
And, very importantly, the whole process of policy agreement conclusion takes place online, using an electronic signature, which can then also be managed online via the Customer Portal, giving fingertip access to all your documentation and elect