ECGC launches advance payments insurance

EXPORT Credit Guarantee Corporation of Zimbabwe (ECGC) has launched a payments insurance solution to cover importers against losses from non-receipt of goods and subsequent failure of refund of advance payments under import contracts.

Zimbabwean companies have for a long time been receiving a raw deal when conducting business outside the country.
In a statement this week, ECGC managing director Sekai Chirume said the new product covers the commercial risk which is insolvency of the supplier as defined in the policy wording as well as continued non-delivery and subsequent non-refund by supplier as defined in the policy w