The precondition for the issue of a Glossaryrefinancing guarantee is that the financial institution granting the export credit assigns the principal claims and the ancillary claims to SERV by way of security plus corresponding collateral, which form the object of the documented export credit insurance.
Object of cover
The principal claims and ancillary claims of the refinancing financial institution against a financial institution granting an export credit.
The non-payment risks of the financial institution that grants the export credit; the credit must be insured by SERV.
SERV’s liability under the Glossaryrefinancing guarantee begins on its issue and expires on the surrender of the Glossaryrefinancing guarantee, the discharge of SERV by the guarantor, the fulfilment of the claim guaranteed by the Glossaryrefinancing guarantee or on the expiry of a fixed time limit.
The Glossaryrefinancing guarantee is always issued as a supplement to Glossarybuyer credit insurance or Glossarysupplier credit insurance assigned to a financial institution. For SERV’s security, the financial institution granting the export credit must assign its claim against the foreign debtor to SERV.