asked the Minister for Industry and Commerce if he will outline the procedures used by his Department for ensuring that the amount for which goods are insured under the export credit insurance scheme reflects the actual value of the goods exported; if he intends to introduce any new supervisory procedures; and if he will make a statement on the matter.
Written Answers. - Export Credit Insurance Scheme.
28.
The general procedures for ensuring that the amount for which goods are insured reflect the actual value of goods exported are applied by the Insuranced Corporation of Ireland when claims arise under a policy. In accordance with normal insurance practice before such a claim is paid the exporter must demonstrate that he has complied fully with the terms and conditions of his insurance policy and, in particular, that the amount being claimed is properly owing by the overseas buyer. Detailed documentary evidence in relation to shipment, origin, value owing and quality must be submitted by an exporter in support of a claim.
In no case can insurance cover apply in respect of amounts which exceed the actual value of goods sold, nor does insurance generally apply in respect of export sales that do not in fact take place.
I am satisfied therefore that the procedures for assessing insurance liabilities carried out by ICI and my Department are sufficiently rigorous.