Confiscation risk insurance
Confiscation risk insurance protects Swiss exporters from losses due to confiscation or similar measures taken by foreign countries. It covers the exporter’s prime costs for owned or leased goods that are exported abroad for purposes such as providing contractual services, storage, exhibitions or testing.
The insurance can cover losses due to political risks or force majeure risks.
- Maximum cover ratio: 95%
Product details confiscation risk insurance
Object of cover
Prime costs are the individual costs and overheads that are necessary under efficient business management in order to manufacture or purchase the insured goods and that can be directly attributed to these goods. In the case of equipment, machinery or installations exported abroad on the provision of the services under the export contract and which are subject to wear and tear there as a result of use, the insurance covers the market value at the time of the occurrence of the insured risk.
If equipment, machinery or installations have been hired or leased or if they have been bought on hire purchase, the insurance covers the rental, leasing or repayment instalments owed until the next possible date when the contract can be terminated.
Insurable risks
Period of insurance
The insurance begins on the despatch of the goods to the place of storage, the exhibition or the place of use, i.e. when the goods are handed over to a haulage contractor, but no later than the time when they cross the Swiss border. It ends with the sale or the repatriation of the goods and no later than on the expiry of the period stated in the insurance policy.
Special provisions
For a predetermined period of insurance and a maximum amount, confiscation risk insurance may also cover the repeated despatch of goods. This is the case, for instance, for the despatch of changing equipment for large projects or of goods in consignment (revolving utilisable maximum amount).
Questions? Contact:
Christian
Hendriks
