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For expats into importing from the EU (Just a tip)

For expats into importing from the EU (Just a tip)

Old Jul 29th 2008, 7:23 am
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Default For expats into importing from the EU (Just a tip)

Hi everyone,

As it's become official since this morning (29-07-2008) that the Middle East Governments are refusing to assist in the collection of bad debts outstanding with ME based companies, the following statement was issued to CI agents.

I quote in translated form:

Due to the none existence of an international agreement between most Middle East Countries (with the exception of Bahrain) and the EU concerning noncollectable invoices, it has been decided by the four major credit insurance companies to to change the insurance policies and rates as follows.

1. Credit insurance rates will go up from 4.85% of the FOB value of an invoice to 5.35% as per 01-10-2008. For none Euro invoices a risk factor percentage will be added (maximum 1.85%) as per specification given on a later date. It is strongly recommended to avoid invoicing in US Dollars, as US Dollar invoices are covered for a maximum of 70% of the value. End quote.

Just an insider tip that might save you some money on bulk purchases before 01-10-2008

Dutchie
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