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Insuring export business as exporter/financier

As of 01.07.2014 the Federal Government will offer an optimized version of the Counter-guarantee with the aim to reduce the inevitable administrative burden and to improve legal certainty for all involved.

Fundamentally the following changes, which will further reduce the complexity of this product, will become effective for all first decisions taken on or after 01.07.2014:

  • The Federal Government charges the first premium payable for the period until the end of the first calendar year as advance premium.
  • Subsequent premium payments will be invoiced only once a year.
  • The 20-day deadline with regard to the effectiveness of the Counter-guarantee does not apply any more.
  • The approval of the Federal Government for an extension of guarantees which are limited in time is no longer required.

See also AGA-Report Nr. 240 (German version only)


Product at a glance

The Counter-guarantee complements a Contract Bond Guarantee and thus cannot be used independently. It enables German exporters to ease the pressure on their credit lines. Especially small and medium-sized companies can enhance their liquidity with it.

The Counter-guarantee provides security (it is a guarantee commitment) in favour of the guarantor. The guarantor can be a bank or surety company. The Counter-guarantee relieves the guarantor in large part of the risk that he is unable to successfully take recourse for compensation to the exporter. If the bond is called, the Federal Government will reimburse the guarantor for the guaranteed share of the bond amount paid out (maximum 80 %). The reimbursement is made on first demand and, above all, irrespective of the reason for calling. Hence the Counter-guarantee is more than just an indemnity bond and a reimbursement is made also in case of a fair calling.

The Federal Government has a recourse claim on the exporter in the amount paid out to the guarantor. This is payable 6 months after the guarantor is reimbursed at the latest. If by that time it has been confirmed that the exporter has a valid indemnification claim under the corresponding Contract Bond Guarantee because the contract bond was called, this will be set off against the claim to recourse. Although a bond issued on request of the exporter is called, there would be no liquidity drain at the exporter in that case.


Target group

  • As applicant: German export firms
  • As beneficiaries of the Counter-guarantee:
    • German banks / surety companies
    • branch offices of foreign banks / surety companies with a seat in Germany
    • foreign banks / surety companies (under certain conditions)


Special features

Although the Counter-guarantee protects the guarantor, it is the exporter who has to apply for it and not the guarantor.

As a rule, a Counter-guarantee will only be granted if parallel a Contract Bond Guarantee for the contract bond to be covered is granted by the Federal Republic. In principle, supplier credit cover is also required. This may be dispensed with if the exporter is not exposed to any foreign payment risks because of the payment terms (e.g. confirmed letter of credit, progress payment). On a case-by-case basis, the Federal Government may grant a Counter-guarantee in combination with a Contract Bond Guarantee also without cover of the other risks of an export transaction if such cover is not available or insurance is not acceptable or not wished by the exporter.

Whether a Counter-guarantee will be granted is conditional upon the exporter having the necessary technical and organizational resources to ensure the due performance of the export transaction. The exporter’s ability to ensure performance is assessed by means of a questionnaire to be completed by him.

From the moment a Counter-guarantee is granted until a reimbursement is made the administration will be handled exclusively between the Federal Government and the guarantor. For this purpose the guarantor has to sign a  so-called “Ergänzungserklärung des Garantiestellers zur Avalgarantie” prior to the final commitment and also perform certain information duties in time.



  • No extra premium is charged for a Counter-guarantee. Instead, the Federal Government receives a share in the bond premium, which the exporter had to pay to the guarantor for issuing a contract bond, directly from the guarantor.
  • The usual premium has to be paid for the compulsory Contract Bond Cover and any Supplier Credit Cover which may be required.

This product can be applied for online.

Please use the digital application form in the myAGA customer portal to apply for cover for your export transaction. To do this you need to register for my AGA once which is easily done with just a few steps. If you already use myAGA, you can directly log in with your access data. If you need assistance with the application or if you have any questions regarding the appropriate product, please do not hesitate to contact our business consultants.



Andreas Gehring

Manufacturing Risk Cover; Credit Confirmation Risk Cover; Counter-Guarantee; Securitisation Guarantee for the KfW Refinancing Programme; Shopping line cover

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Matthias Jost

Counter-Guarantee; Export Credit Cover for Service Providers, Revolving Buyer Credit Cover

Country cover policy of more than 200 countries.