The export credit insurance serves to cover risks in foreign trade. It is also called export credit insurance and is intended to protect the domestic exporter's credit risks, especially in developing countries. The scope and quality of the damage cover vary in the individual countries. A distinction must be made as export credit insurance:
State export credit insurancewhich are offered in Germany by the following institutions to cover economic and political risks:
- Hermes Kreditversicherungs-AG, Hamburg
- Treuarbeit AG, Frankfurt
You work on behalf of the federal government, with Hermes taking over the management. Hermes cover is a support measure for the exports of German exporters. The state's willingness to hedge the export credit risk means that exporters are able to meet requests for longer-term payment terms, especially from importers from developing countries.
Private export credit insurancewhich can mainly be taken out with the following insurance companies:
- Gerling Group Speziale Kreditversicherungs-AG in Cologne
- General credit insurance company in Mainz
However, they only cover the economic risk in politically stable countries up to a maximum term of five years. Mostly these are short-term transactions in EC countries or North America.
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