Refinancing guarantee


By issuing a refinancing guarantee, SERV promises the refinancing financial institution to honour on first written demand the payment obligations imposed by a refinancing loan agreement on a financial institution providing export credit. The refinancing guarantee allows the financial institution providing the export credit to obtain better refinancing terms.

Refinancing guarantees are always issued in combination with Buyer Credit Insurance or supplier credit insurance assigned to a bank.

It thus covers the risk that the refinancing financial institution may not repay the loan to the financial institution that provided the export credit.

  • Maximum cover ratio: 100%

Product Details

Details

The precondition for the issue of a refinancing 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.

Risks covered

The non-payment risks of the financial institution that grants the export credit; the credit must be insured by SERV.

Liability period

SERV’s liability under the refinancing guarantee begins on its issue and expires on the surrender of the refinancing guarantee, the discharge of SERV by the guarantor, the fulfilment of the claim guaranteed by the refinancing guarantee or on the expiry of a fixed time limit.

Special provisions

The refinancing guarantee is always issued as a supplement to buyer credit insurance or supplier 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.