Tashkent, Uzbekistan (UzDaily.com) -- The Resolution of the Cabinet of Ministers from 12 of August 2020 № 477 approved the Regulation on the procedure for insuring the export of capital, goods and services (works), as well as activities related to export support.

According to the regulation, insurance of export goods and their transportation is carried out by legal entities that are commercial organizations and have a license to carry out the corresponding type of insurance.

There are several types of insurance contracts, depending on who is insured (exporter or financier).

When concluding insurance contracts, it is prohibited:

• establishment of an unconditional deductible (part of the damage not covered by insurance) for political risks;
• the size of the unconditional deductible for commercial risks - more than 50 percent of the insured amount;
• the size of the unconditional deductible for logistics risks - more than 5 percent of the insured amount;
• waiting period for political risks - more than 180 calendar days;
• the waiting period for commercial risks is more than 90 calendar days;
• the waiting period for logistic risk is more than 30 calendar days.

The policyholder can submit applications and documents directly to the insurer, by mail or electronically.

The insurer prepares the relevant insurance contract and ensures its signing within 24 hours from the moment the insured submits the necessary documents.

Insurance indemnity must be paid no later than 15 calendar days from the date of receipt of documents confirming the insured event and the amount of damage.