Export Credit Insurance:
Export Credit Guarantee Corporation

Export credit insurance protects the exporter and covers the risk of non-payment by the importer. The export credit, either short or long term, usually covers both commercial as well as political risks such as war, terrorism, currency devaluation, expropriation, and changes in import or export regulations. As with other insurance, the exporter can secure export credit insurance with the payment of premiums for which the premium and insurance coverage depends on the risk involved.
In India, export credit insurance is offered by the Export Credit Guarantee Corporation (ECGC), a wholly owned public undertaking by the Government of India, which was setup in 1957 with the objective of promoting exports from the country by providing Credit Risk Insurance and related services for exports. ECGC is administered by the Ministry of Commerce & Industry. Over the years, it has designed different export credit risk insurance products to suit the requirements of Indian exporters and commercial banks extending export credit. ECGC is essentially an export promotion organization, seeking to improve the competitiveness of the Indian exporters by providing them with credit insurance covers. ECGC keeps its premium rates at the optimal level for the exporters.