If the guarantee is called, the exporter, after settling the guarantee claim of the financial institution, can make a claim under SERV’s Glossarycontract bond insurance.
Object of cover
At maximum the face value of the contract bond underlying the Glossarycounter guarantee.
The risk of the Swiss exporter being unable to pay the financial institution is covered if the financial institution has had to disburse the sum guaranteed due to the contract bond being called.
SERV makes payments under a Glossarycounter guarantee within ten working days after receipt of the financial institution’s written request and the necessary proof in accordance with the Glossarycounter guarantee declaration.
SERV’s liability in relation to the Glossarycounter guarantee begins on the effective date of the contract bond and when the Glossarycounter guarantee is received by the financial institution issuing the contract bond. The Glossarycounter guarantee expires on its surrender, when SERV’s liability is discharged by the financial institution issuing the guarantee or 30 days after the expiry of the contract bond.
The exporter is the premium payer and the premium is due in advance. Instalment payments are possible against a premium supplement. The premium for Glossarycontract bond insurance is generally reduced by the premium for the Glossarycounter guarantee.