Investment Insurance - Prepayment Import Insurance
This insurance covers losses suffered by an importer who purchases goods from a foreign country by advance payment and does not receive the goods on the due date.
The said losses may be incurred when the relevant importer is unable to collect the prepaid money despite his/her request for redemption of the money due to (i) war, revolution, prohibition of foreign currency conversion into currency such as yen or dollar, suspension of remittance, or force majeure such as natural disaster, etc. or (ii) bankruptcy or default of the counter party.
