If you intend to file a claim under the Short-Term Export Credit Insurance Line, you must complete the Claim Notification Form.
The form should only be filled in if the delay of payment of invoices due exceeds 60 days.
Form completion is mandatory; only claims reported through the FILE A CLAIM option will be accepted.
Why should I apply to short-term export credit insurance scheme?
Because it allows you to manage credit to buyers located in higher-risk countries, as it covers the losses resulting from default of a public or private debtor, caused by political, monetary, or catastrophic events, but also including commercial risks.
Can I apply for this Short-Term Scheme?
Yes, if you are an export company incorporated under Portuguese Law, and the goods or services you export have a relevant national content.
Banks and other financial institutions may be the beneficiaries to the right to indemnification in the policies.
When can I get a decision?
Time between the submission of the application and the decision depends on the following sequential steps:
1) Acceptance of the insurance proposal and of the mandatory documentation requested.
2) Collection of up-to-date information required to assess the risk to be covered
3) Risk assessment of the transaction
4) Communication of the decision
Can I request an increase of the insured amount of the Policy?
Yes, if new business information about the importer and/or relevant payment experience under the Policy are made available. In the absence of new information, COSEC only reviews the insured amount six months after the policy was issued.
When is the Insurance Policy issued?
After the premium and the issuance fee are paid.
What is the validity of the insurance policy?
The validity of the Insurance Policy is determined according to the type of export:
1) Revolving transaction: as a rule, 12 months; these policies may be renewed, upon request, for an equal period.
2) Single risk transaction: as a rule, the validity follows the execution and reimbursement period of the export operation, for a maximum of 24 months. These policies are not renewable, but their validity can be extended in duly justified cases.
Does the Short-Term Export Credit Insurance Scheme include financing?
No. As it is an Insurance, it is intended to cover only the credit sales made by the exporter to the buyers.
Nonetheless, banks and other financial institutions may be the beneficiaries to the right to indemnification in the policies and, thus, safely finance Portuguese companies in their export operations.
Can I request an extension of the due date of an invoice?
Yes. Once the credit period has expired on the due date of an invoice, and if its payment has not been confirmed, the Insured may request from COSEC an extension on the due date of said invoice for a period that is considered to be reasonable for its settlement. If this period expires, the Insured may request a further extension.
What to do when an invoice is not paid?
During the 60 days after the due date of an invoice, the Insured must take the appropriate steps to collect their credit, notifying the importer. During this period, you may request an extension of the invoice's due date and receive advise from the COSEC International Division on the procedure to be followed.
The information provided on this page does not exempt the consultation of the legally required pre-contractual and contractual information.