Basis
Premium calculation
Premium calculation varies from product to product.
The premium amount depends on:
- in the case of pre-shipment risk cover, order amount and/or production costs;
- terms of payment/duration of business transaction (risk period);
- country category and buyer/bank category.
Premiums are calculated according to country category, which ranges from 0 (low risk, lowest premium) to 7 (high risk, highest premium). The country category applicable at the time coverage is extended determines premium calculation.
Premium adjustment for changes in country category
If a country is downgraded to a lower category after coverage has been extended, we continue to be bound by the more favorable premium category until the coverage period ends. An upgraded country category, however, will be immediately reflected in the premium. Once the insurance is concluded, changed country categories only affect additional coverage or additional orders.
Minimum premium
A minimum premium per insurance policy does not apply.
Version: 14.11.2008