SERV’s capital consists of the net assets on its balance sheet. It comprises risk-bearing capital (RBC), core capital (CC), the compensation reserve (CR) and net income (NI).
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SERV defines del credere risk (also called commercial risk) as the risk that the buyer or guarantor will be unable or unwilling to pay. SERV insures the del credere risk of public- and private-sector buyers [...] documents triggering payment are not prepared or included despite being required by the contract. SERV also provides Working Capital Insurance and Counter Guarantees to protect financial institutions from
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Glossar
Pathfinding Strategy
As part of the Pathfinding Strategy, SERV actively identifies and evaluates international infrastructure projects requiring financing in sectors where Swiss exporters are strong. In collaboration with [...] with other funding vehicles and industry associations, SERV also puts Swiss SMEs in touch with general contractors through its network. Swiss companies thereby have access to general contractors and have a [...] being considered for projects they are working on. At the same time, the assessments carried out by SERV also give Swiss companies the assurance that projects are being implemented in line with international
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Glossar
Transactions of particular significance
foreign policy implications. The Federal Council may give SERV instructions on the insurance of such export transactions (art. 34 SERVG and art. 28 SERV-V).
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SERV’s premium tariff includes provisions regarding premium policies, types, amounts, surcharges, discounts, collection and reimbursement. The premium tariff is approved by the Federal Department of Economic [...] and Research (EAER) and reflects the OECD rating and the principle of economic viability (art. 16 SERV-V).
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Glossar
Insurance commitment in principle (ICP)
A SERV insurance commitment in principle (ICP) means that the insurance policy will be written as requested unless there are material changes in the circumstances or legal position (art. 7 SERV-V). Applicants
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Glossar
Letter of credit confirmation insurance
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
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SERV defines transfer risk as government or central bank currency measures that prevent the buyer from making a payment. The buyer in such cases may have deposited equivalent funds in local currency, but [...] but the central bank will not release the currency required. Along with transfer risk, SERV also covers the risk that an official or legal prohibition on payments may prevent a foreign buyer from making
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SERV defines exposure as the commitment plus the sum insured of insurance and guarantee commitments in principle (ICP).
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SERV defines loading as its earned premium minus the average expected annual loss. Loading is required to calculate economic viability.
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