15A.12
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Miscellaneous Product Liability for Merchandise Exports
GIC and/or its subsidiaries have been permitted to issue Product Liability Insurance policies for merchandise exports and Errors and Omission Insurance policies in respect of computer software exports in foreign currency, against receipt of premium in Indian rupees without obtaining permission of Reserve Bank and also to settle claims in foreign currency against such policies. Authorised dealers may, on receipt of specific requests from GIC and/or its subsidiaries, open letters of credit in favour of their claim settling agents abroad, providing for payments towards claims against the respective policy subject to submission of statement of claim, survey report or other documentary evidence of loss/damage, original policy or certificate of insurance etc. in support of claim.