The Export Credit Policy specifies a minimum period of time after which loss is ascertained to indemnify a claim for loss. This particular point of time is known as the “date of ascertainment of loss” which must be reached before any claim is paid.

– Copy of the sales contract

– Sales invoices

– Proof of debt/non-payment of sales proceeds

– Proof of dispatching goods

– Proof of insolvency if applicable

– Documentation outlining the action you have taken to collect the overdue amount

You can file your claim when you are aware of any adverse information which may affect the payment of your invoices related to credit insured sales. Our Claim and Recovery Department will provide all assistance to you to file a claim and recommend appropriate measures to minimize your losses.

If a buyer who is not in a position to make payment on the due date of the export bill and requests additional time to settle the amount, the exporter should make good commercial judgment on the request of the buyer based on facts and circumstances of the case. If the exporter is convinced that extending the due date of the bill is the proper course of action, then the exporter should seek the approval from Credit Oman of Oman giving in details the reasons justifying such extension.

If the buyer raises any disputes regarding quality of goods exported, the claim for the resultant loss will be considered once the disputes are settled amicably by the exporter with the buyer or the exporter obtains judgment in his favour from the court of law in the buyer country.

Where payments are not realized due to exchange transfer delay, claims can be filed with the Agency after six months from the date on which the buyer has, after making the payment in local currency, completed exchange control formalities necessary for the transfer of funds to Oman. Where the Agency has stipulated a longer waiting period, claims can be filed only after completion of such period.

Notification of all payments not received within two months of their due dates should be sent to the Agency on the Overdue Declaration Form. The declaration should be sent on or before the 10th of every month.

Credit Oman will not cover disputes between the buyer and the exporter regarding the supply e.g. quantity, quality, packing, etc., unless the policyholder gets a court ruling in his favour in buyer’s country. Also, it does not cover causes inherent in the nature of goods, default of any agent of the exporter or of the collecting bank, and fluctuation in the exchange rate.

On an average, 40% of company’s assets are tied up in the form of commercial debt. All it takes for an otherwise well-run business to become insolvent is for one major customer not to meet its payments. Even smaller debts can have a destructive effect. For example, if your profit margin is 5% and your client’s debt is just RO.10000, your company will have to achieve additional sales of RO.100000 just to make up for the loss. A credit insurance policy from Credit Oman can protect from the consequences of such an event.

Credit Oman may restrict or refuse cover on certain buyers for various reasons. For example, it could happen if the buyer is not sufficiently credit worthy based on their financial standing or if his total commitment with other suppliers are already too high in relation to its size and financial capability or we may have recorded or received adverse payment experience or disputes with those buyers. Thus Credit Oman is of the view that such restriction of cover on buyers will safeguard the interest of the exporters against possible losses. However, Credit Oman always tries to decide on cover as objectively and pragmatically as we can in order to promote and enhance Omani exports while evaluating the risks on buyers.