Export Pre-shipment Policy Administration Guide - Miscellaneous What happens to the minimum premium I paid on acceptance of the policy? When must I pay my premiums? How are premiums calculated? What does 'postponement of payment' mean? What does 'maximum liability' mean? What must I do if a shipment is to be made to a customer who is already more than 60 days overdue, or who has not met a bill of exchange or a promissory note due more than 30 days ago? How do I submit a claim? How does the 'insured percentage' stated in the schedule of my policy affect the cover provided? What must I do if the goods fall under the sanctions regulations of the buyer's country? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . What happens to the minimum premium I paid on acceptance of the policy? It is the maximum amount covered in terms of the policy on a particular buyer for any cause of loss as covered in your policy. This maximum amount could be confirmed to you by way of a credit limit annexure issued by us, or a limit of discretion by you in terms of your policy. When must I pay my premiums? When your deposit premium has been used up. Any additional premium is payable on receipt of our statement and the remittance advice should accompany your payment to facilitate proper allocation of the payment. How are premiums calculated? The premium payable under the policy is the product of the turnover declared and the relevant premium rate specified in your policy. What does 'postponement of payment' mean? Normally, before you can grant an extension of the date on which an account must be paid, you have to consult us. However, where the extension requested is not more than 30 days and the credit limit is not restricted to "CAD" terms of payment, you may grant it without reference to us. What does 'maximum liability' mean? It is the cumulative maximum sum for which we will be liable in respect of claims arising during each insurance year. It is very important that you check regularly whether this amount is sufficient to cover your outstanding's at any time. Otherwise you could find that you are not adequately covered in the event of a cause of loss. What must I do if a shipment is to be made to a customer who is already more than 60 days overdue, or who has not met a bill of exchange or a promissory note due more than 30 days ago? You must consult us. Without our specific approval further shipments would not be covered. This also applies in a case where the buyer has paid to his own bank but the bank cannot transfer the amount to South Africa because of lack of foreign exchange or because of political circumstances. How do I submit a claim? Complete and submit a claim form (see link below). The claim form is self-explanatory and specifies the documentation required. You are, however, free to ask our assistance in completing the form. You will then be informed of any further action you should take.  Click here to view the form (Sample) How does the 'insured percentage' stated in the schedule of my policy affect the cover provided? In the event of a loss covered by the policy, we will indemnify you to the extent of the insured percentage of the amount of loss that you sustained. Thus you retain for your own account that portion of the loss which is not covered by the insured percentage. If salvage is recovered in respect of a loss sustained, it is divided between us in the same proportion in which the loss was suffered. What must I do if the goods fall under the sanctions regulations of the buyer's country? If the goods fall under the sanctions regulations of the buyer's country and an import licence has nevertheless been given, you must be very careful to strictly follow the requirements of the import licence.
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