News

SERV expands insurability of local costs

Since January 1, 2008, local costs for up to 30% of the export contract value can be insured. Local costs are those from local suppliers in the importing country. The practice to link the amount of local costs to the advance / interim payment has been abandoned. However, advance and / or interim payment of at least 15% continue to be required. This change in cover policy was decided within the framework of the OECD consensus for a three year trial period and will be adopted in general by SERV. SERV reserves the right to take a more restrictive stance towards certain countries.
This cover policy benefits companies that participate in tendering procedures for which a minimum of local value added is required.
For further information on this issue, please consult the information sheet on "Origin of goods".