Insuring export business as exporter
Product at a glance
By taking out contract bond cover, a German exporter may insure himself against the politically occasioned or unfair calling of a bond required by the foreign buyer to ensure the exporter’s satisfactory performance of the contract.
German export firms
Contract bond cover offers protection against the loss of the guarantee amount in cases of
- fair calling of the bond by the buyer because the exporter has failed to fulfil his obligations due to political events abroad;
- fair calling of the bond by the buyer because contract performance has become impossible due to embargo measures taken by the Federal Republic of Germany;
- unfair calling of the bond due to political events abroad;
- unfair calling of the bond due to other circumstances which make the claim to reimbursement of the guaranteed sum unenforceable for political or commercial reasons
Examples of use
- Bid bonds
- Advance payment bonds
- Performance bonds
- Maintenance bonds
- Customs guarantees
- Retention guarantees
A Contract Bond Guarantee can be issued only in combination with a Manufacturing Risk Guarantee or a Supplier Credit Guarantee.
Single premium calculated as percentage of the guaranteed amount and, as the case may be, specific processing fees
5 % for all risks
This product can be applied for online.
Country cover policy of more than 200 countries.