The Sri Lanka Export Credit Insurance Corporation (SLECIC) has recently paid a claim for Meridian Exports Pvt Ltd, a subsidiary of the Hayleys Group of Companies, regarding their tea export to a buyer in the USA. This payment was made due to the repudiation of the contract by the buyer.
Meridian Exports Pvt Ltd, a longstanding client of SLECIC, had covered this shipment under SLECIC’s Seller’s Risk Insurance Policy. This policy provided protection for the exporter against the risk of non-payment or contract repudiation by the buyer.
The settlement of this claim underscores the importance of trade credit insurance in mitigating risks for exporters. SLECIC’s support to Meridian Exports Pvt Ltd highlights its commitment to facilitating international trade and safeguarding the interests of Sri Lankan exporters.
This successful resolution further strengthens the partnership between SLECIC and its clients, ensuring continued support and protection for exporters in the global market.