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African Trade Insurance Agency (ATI) Boosts Insurance Cover For Exports
Kenyan exporters will now fully and easily benefit from the services of the ATI, whose national liaison office is at the Export Promotion Council, Anniversary Towers; 16th Floor. Kenya being in the Eastern and Central African region is prone to the effects of political volatility. This political uncertainty has raised concerns about the need for insurance cover against such risks. The African Trade Insurance Agency, ATI offers services in:
  • Unfair calling of bonds and standby letters of credit
  • War or political violence
  • Debt collection and recovery services
  • Non-payment or insolvency of buyer before or after shipment
  • Breach of concession rights
  • Selective and discriminary application of taxes, levies or duties
  • Exporation or seizure of goods
  • Government interference with contractual obligations and carriage of goods
  • Embargo
  • Diversion
  • Pre-policy due diligence and credit control on the buyers
  • Improved credit terms.
  • Inconvertibility of local currency deposited for transfer and or Authorisation
  • Prevention of or restrictions on imports and exports
  • Inability of local contractual payments in hard currency

The APA Insurance has signed an agreement with the ATI to be re-insured to cover the risks mentioned above. This was done in January 2010 and the exporters are therefore encouraged to seek and utilize these services. This will buffer them against losses.

 
 
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