Turkish Insurance News

Bail insurance in licensed warehouse

Bail insurance in licensed warehouse
18 Aralık 2017 - 12:01


Customs and Trade Minister Tüfenkci said “We have done a great deal of work for licensed warehouse users, and after that, surety insurance will be accepted as a license for the warehouse.”

Customs and Trade Minister Bülent Tüfenkci stated that they are working to provide licensed warehouse users with great convenience. “From now on, bail insurance will be accepted as a licensed warehouse security.” expression.

Tüfenkci made a written statement about the licensed warehousing system.

Tüfenkci said that in order to compensate for the damages arising in the licensed warehouse, the warehouse capacity of the licensed warehouse enterprises must give at least 15 percent of the product’s fair value to the Licensee’s Licensed Warehousing Compensation Funda letter of guarantee and a real estate agent can be accepted.

Tüfenkci stated that the establishment of the legal infrastructure of bail insurance and the beginning of its development have completed the work they have done to include bail insurance as types of collateral that can be accepted as licensed warehouse security. On 5 December, the amendment made to the Agricultural Products Licensed Warehouse Regulation published in the Official Gazette indicated that the guarantee of guarantee was made as one of the types of collateral that can be accepted as a license for warehouse. “It is very convenient for licensed warehouse users It will provide. “We have provided an alternative guarantee for the fulfilment of the obligations of the licensed warehouse founders.”

On demand from licensed warehouse users, bail insurance is included in the scope of coverage indicating Tüfenkci, said:

“Bail bills have been settled in the first demand, and bail insurance policies have been made similar to bank guarantee letter so that bail insurances provide guarantees such as bank guarantee letters and in case of the need to convert to a pound only after the necessary liability is not met, the payment is made by the insurance company instead of the bank. On the other hand, there is no guarantee such as guarantee insurance, guarantee letter, or cash deposit in the account, it is easy to apply for companies only when the insurance premium is paid. “