Domestic Payments Insurance Policy (DPIP)
The Domestic Payments Insurance Policy (DPIP) is designed to provide protection to Companies against commercial credit risks inherent in local transactions.
Buyer insolvency and protracted default are the commercial risks covered under the Policy.
Insolvency of any agent of the Company or of a collecting bank or from any act or default of such agent or collecting bank;
Any failure or inability of the Company or buyer to obtain authority to deliver or accept goods where such authority is required by regulations;
Risks covered by general insurers;
Trade dispute between the Company and the buyer.
Percentage of Cover
The standard insured percentage under the Policy is 80% of the loss.
Waiting Period of Claims
Depending on cause of loss i.e 4 months for protracted default otherwise on official confirmation of liquidation.
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