Facebook pixel

Date: May 29, 2020

To: All EXIM Bank Short-Term Insurance Exporter Policyholders and Brokers

Due to the COVID-19 pandemic, we are aware that many of your foreign customers are facing financial difficulties caused by the pandemic.

In recognition of these difficulties, EXIM issued a letter on March 24 approving an extension of payments of up to 90 days on open account invoices owed by your foreign customers coming due between February 1, 2020 through June 1, 2020. We are now extending this timeframe to include all open account invoices coming due between February 1, 2020 through August 1, 2020. This notice also confers an automatic extension of 90 days for the claim filing deadline for all open account invoices coming due between February 1, 2020 through August 1, 2020 (based on the original contractual due dates). This applies only to open account export sales; if your payment terms with your foreign buyer are secure terms such as CAD or letter of credit and an extension is requested, please contact your insurance broker or your policy’s Relationship Manager.

Please note that the foregoing does not alter any other provisions of your policy, including, without limitation: (1) requirements to stop shipping and report to us when invoices are overdue (based on the original contractual due dates), and (2) the first date on which you may file a claim with us if you choose to do so (based on the original contractual due dates).

We remind you of the policy requirement to make efforts to reduce existing or potential losses, and we strongly advise you to contact your foreign buyers to confirm that previously received purchase orders are still valid, check on the status of their operations, and confirm that ports in their country are operating and open to U.S. imports.

If you have any questions about the above, please contact your insurance broker or your policy's Relationship Manager.

If you are able, we ask that you notify claims@exim.gov if there are incidents of non-acceptance by your buyer, and we also remind you that you may file a claim immediately if your buyer has filed for bankruptcy. Please contact Claims Processing at claims@exim.gov with questions regarding these situations.

We are committed to assisting our exporting community, and we will partner with you to navigate these challenging times together. Please refer to our Coronavirus Response page on our website for current information on all accommodations, including a factsheet updated on May 21.

Sincerely,

Jim Burrows
Senior Vice President, Office of Small Business