Cover policy for countries and banks
Countries
The cover policy for countries shows the country classification as well as SERV's cover policy. Errors and omissions excepted. The committee's decision when reviewing the relevant application is binding.
Banks
The cover policy for banks contains all the banks within a country that in principle qualify for credit risk cover. It is updated regularly. Banks that are not listed by name, but have a current rating that meets SERV's criteria, are also in principle acceptable. Payment guarantees of a Ministry of Finance or a Central Bank are usually accepted (subject to cover policy). The committee's decision when checking the relevant application is binding. No liability is accepted for any errors. It is therefore advisable to seek clarification from SERV in individual cases.
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.