Cover policy
The cover policy provides information about SERV’s ability to offer insurance coverage by country, sector and length of tenor.
All of the information in the cover policy can be subject to change; errors and omissions are excepted. We recommend inquiring about the insurability of your project in each individual case and at an early stage – our client advisors will be happy to assist you. Only the coverage decision made by the competent committee after reviewing the application is binding.
Banks
The cover policy contains for each country, the banks that typically qualify for payment risk or political risk cover . The list is updated continuously. Banks that are not mentioned specifically but have a current rating which meets SERV’s criteria are usually accepted as well.
Meaning of cover policy status
Open(*)
For these countries and sectors, there are no general concerns or reservations about providing insurance. The risk evaluation is based on the creditworthiness of the individual buyer and the feasibility of the transaction, without any special requirements or significant restrictions applying from the outset.
The asterisk (*) denotes the principle of subsidiarity. For countries where the principle of subsidiarity applies, it is assumed that short-term risks are marketable. These risks may therefore only be insured if rejections from private insurers are presented.
Cover with restrictions
For these countries and sectors, there are general risks that limit SERV’s ability to offer insuranceand that require a more detailed assessment of the transaction. For example, smaller contract values and shorter tenors may be preferred in such cases.
Cover by exception
For these countries and sectors, SERV can provide cover only in exceptional cases due to the high general risk of non-payment. Exceptions are usually justified by risk-mitigating circumstances (e.g. third-country guarantees, buyers generating foreign currency revenue, special export goods, etc.).
Currently off cover
For these countries and sectors, SERV is most likely unable to provide cover. One reason for this can be that export risk insurance is prohibited due to sanctions.
No policy fixed
For these countries and sectors, no cover policy has yet been defined. This is usually the case if there has been little or no demand in the past. Any requests are assessed on a case-by-case basis.
Policy under review
This status is assigned temporarily when a reassessment of the cover policy is necessary. The most common reason for this is a sudden deterioration of the risk conditions.
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