Under letter of credit confirmation insurance, SERV insures letters of credit which serve to pay export receivables of Swiss exporters. The bank confirming the letter of credit is thus protected against default of the bank issuing the letter of credit. The maximum cover ratio is 95 per cent.
Technical terms
The glossary contains precise explanations of key terms – from the Arrangement on Officially Supported Export Credits and del credere risk through to working capital insurance.
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Letter of credit confirmation insurance