The Agency has managed to recover16% of the total claims it has paid to its policyholders since its inception of its operations. This is in line with the average for other emerging ECAs where the recovery ranges from 10% to 20%.

 He is expected to take necessary action to minimize the possible loss. Action should be prompt and effective.

Credit Oman will not contribute any costs involved in settling disputes. Also, Credit Oman does not contribute any in-house costs and overheads such as administration and travel expenses.

After payment of a claim, Credit Oman has the right to take over the debt, but while it does exercise this right in some instances, it will normally require the policyholder to continue recovery action along the path already agreed with Credit Oman subject to any further requirements it may have.

All proceeds of recovery action must be remitted in full promptly to Credit Oman for allocation. The Agency will then allocate proportion in which the original loss was shared.

Yes, the Agency will reimburse the policyholder the legal fees paid to lawyers in the buyer’s country up to the proportion in which liability for the debt has been admitted by Credit Oman. Also, the policyholder should obtain concurrence form the Agency to initiate legal action for recovery.

The exporter should keep the Agency informed of all steps already taken towards recovery of amounts in default. The Agency will also suggest certain course of action for recovery based on the development and circumstances.

After payment of a claim, Credit Oman has the right to take over the debt, but normally Credit Oman requires the policyholder to proceed with the recovery action along the path already advised and agreed by Credit Oman considering the insured being the contractual party with the buyer for the export sales made.

The exporter should keep the Agency informed of all actions taken to recover amounts in default. The Agency also will assist the exporter towards recovery action and suggest certain course of action based on the development against the action already taken by the exporter. The exporter is required to act on the basis of such advice provided by the Agency in accordance with the terms of the Export Credit Policy.

 The exporter is required to vigorously pursue recovery action and to keep the Agency informed of such action from time to time. As and when any amount is recovered, the amount will have to be shared with the Agency in the ratio in which the loss was borne.