EximBank is launching a new insurance product for exporters
Bucharest, March 23, 2015 – EximBank is offering starting this month a new product – the insurance for export guarantees – aiming at facilitating the Romanian companies’ operational expansion abroad, especially SMEs, by the State taking over the risks of unduly execution of the guarantees issued for taking part in international biddings and for completion of export contracts.
”Launching this new instrument for risks mitigation proves the EximBank’s constant concern for making available modern insurance products for Romanian exporters in line with the international practices, niche products that only an export-import bank is able to offer. Insurance of export guarantees is a last resort instrument, not available on the private insurance market and this is why our product represents an official instrument for supporting export activity”, said Traian Halalai, President of EximBank.
The new EximBank product under the state name and account is granted to exporters that have requested issuing guarantees for participating in biddings processes abroad or for completion of export contracts. The insurance covers maximum 95% of the banking guarantees letters, level of banking guarantees or the guarantees issued by other institutions meant to support the export transactions and the internationalization of Romanian companies, either directly in favor of the debtor or indirectly by financial institutions in the debtor’s country or third countries.
Among the insured risks there is the unduly execution of the export guarantees by the commercial partner, in case of full completion of the insured obligations during bidding and/or commercial obligations or the risk of export guarantees execution incurred by the exporter’s lack of capacity in fulfilling its contractual obligations due to political risks in the debtor’s country or in a third country.
EximBank has developed an offer of insurance products for exporters that cover the commercial and political risks that may incur during international commercial transactions or implementation of Romanian investments projects abroad.
Along with its subsidiary EximAsig – a company that specializes in insurance for financial and other types of associated risks – EximBank may cover exporters’ risks on all international markets both in European Union and in areas with high risk profiles in Middle East Asia, Africa, Latin America.
– Insurance policy for covering the risk of external payments default for non-market risks
– Insurance policy for export credits on medium and long term
– Insurance policy for buyer credit
– Insurance policy for Romanian capital investments abroad.
At the end of last year the bank has launched an insurance facility for temporary insurance of exports on European Union and OECD markets, targeted to Romanian companies that face the impossibility of covering the commercial and political risks by the private insurers. This facility available up to December 31st 2016 is part of the State Aid category and has been authorized by the European Commission.
EximBank is a specialized institution whose threefold product portfolio focused on financing, guarantee and insurance, enables it to grant assistance to current activities and development of exporters, SME-s and companies involved in projects pertaining to key economic sectors, particularly those contributing to the absorption of EU funds.
Interested companies may obtain additional details regarding the products by accessing www.eximbank.ro or emailing at firstname.lastname@example.org