Korea Trade Review (무역학회지)

Korea Trade Research Association (한국무역학회)
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A Study on the Exemption Clause of Recurring Shipments in Short-term Export Credit Insurance

단기수출보험의 연속수출 면책약관에 관한 연구

  • Koung-Rae Lee (Department of International Trade, Duksung Women's University) ;
  • Seo-Young Lee (Department of International Trade and Logistics, Mokwon University)
  • 이경래 (덕성여자대학교 국제통상학전공) ;
  • 이서영 (목원대학교 무역물류학과)
  • Received : 2022.09.12
  • Accepted : 2022.10.14
  • Published : 2022.10.30
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Abstract

The exemption clause of recurring shipments refers to the insurer's exemption in Short-term Export Credit Insurance for the additional shipment which was shipped on board while any foregoing shipment was unpaid beyond its due date over 30 days. The recurring shipments are constituted with two factors: the due date of the foregoing shipment and the shipment date of the additional export. The exemption clause of recurring shipments has been eased by extending the grace period for payment up to 60 days from 30 days for the transactions between exporters and importers having the history of payments which were made customarily in delay. This research argues that the current grace period is for the buyers who customarily delay their payments, and that the insurer introduce a grace period for shipment in favor of exporters for the additional shipment which was delayed in on-boarding due to reasons beyond the control of exporters. In consideration of the waiting time and the on-boarding time at ports for container freight, shipments are frequently delayed, which entails those shipments to be indemnified by the exemption clause of recurring shipments. Roll-overs and Blank Sailings also cause the container freight to be delayed in on-boarding. This research is expected to contribute to further development of Short-term Export Credit Insurance in K-SURE.

Keywords

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