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Export Bill Insurance

This insurance covers losses suffered by a Japanese commercial bank that negotiates documentary bills of exchange drawn without an L/C for export payments. The losses may be incurred when the bank is unable to collect money due to the nonpayment of the bill caused by (i) war, revolution, prohibition of foreign currency exchange, suspension of remittance, or force majeure such as natural disasters or (ii) bankruptcy of a foreign importer. The insurance helps to relieve concerns the bank may have when it negotiates bills without an L/C.