Proof of Export

[Guest]

Dear Sir,

If the Eco term in shipping bill is CIF but the exporter does not have insurance policy, than what to do if bank ask for policy with export proof.

[Mahir S]

Sir,

Your export is covered under C&F , therefore you have to tell Bank that the export was done on C & F BASIS.

In such cases, insurance policy is not provided by the exporter.

AI Summary

C&F basis: exporter need not produce insurance policy; inform bank that shipment was on C&F. Where a shipping bill records the transaction term as C&F but the exporter has no insurance policy, the exporter may represent to the bank that the sale was on a C&F basis and therefore is not obliged to produce an insurance policy; banks should accept the exporter's declaration that insurance was not provided when the contractual term places insurance responsibility elsewhere, subject to the bank's internal conditions.