Due date and reimbursement

The insurance premium is due by the deadline specified in the invoice.

Where the premium amounts for supplier and buyer credit insurance are CHF 250 000 or less, they are due upon commencement of the delivery/service or commencement of payment. If the premiums are more than CHF 250 000, 25 percent is due when the insurance policy is issued. The remaining 75 percent must be paid upon commencement of the delivery/service or commencement of payment.

Counter guarantee premiums are due when the guarantee commission is debited by the guarantor.

Premiums for working capital insurance are due when the interest is charged to the loan account.

Premiums for letter of credit confirmation insurance are due when the letter of credit documents are submitted to the responsible bank.

Insurance premiums for all other forms of insurance are due upon receipt of the invoice.

Expense premiums are due upon receipt of the corresponding invoice.

The insurance premium will be recalculated if SERV agrees to modify the content or scope of an insurance policy, and this changes the maximum insured amount or the risk period. See the Premium tariff, chapter 5, page 11 for details.