News

Innovations as of 1 July 2008

On 1 July 2008, SERV introduced the following innovations:

1. Insurance policies in foreign currencies
Insurance policies can now be denoted in Euros (for a 5% surcharge on the premium) or US dollars (10% surcharge). An insured loss can, thus, be indemnified in the correspondent contract currency or in CHF.

2. Premium adjustments
For supplier and buyer credit insurance, premium amounts up to CHF 250,000 are due upon commencement of obligations (normally the first delivery). 25% of premium amounts over CHF 250,000 are due upon issuance of the insurance policy, the remainder upon commencement of obligations. Furthermore, the percentage retained by SERV in case of early cancellation of the insurance policy has been reduced from 50 to 25%.
Premium surcharges can be applied in case of increased risks and/or if country or debtor lines are exhausted. Due to increased risks, a surcharge of 50% on the total premium is, hence, levied regarding new applications for transactions to Iran. For further information, please refer to our webpage www.serv-ch.com (premiums).
Our specialists will be happy to advise you.