6 July 2011
From 1 September 2011 new offers and guarantees from EKF will be issued on the basis of a new premium system. The changes are being introduced because the OECD countries have ratified a new premium agreement on export credit, which comes into force on 1 September. The new premium agreement sets minimum premiums for both political and commercial risks, while the previous agreement only set minimum premiums for political risks.
What are the implications for you?
Existing guarantees and agreements will not be affected by the changes and will therefore continue with unchanged fees and terms.
If you already have a guarantee offer or is issued with one before 1 September 2011, the offer can be made into a guarantee based on the ‘old’ premium system after 1 September. The issuance of the guarantee may be made within the acceptance period of the offer, which is up to 6 months depending on the particular case.
EKF will be providing detailed information about prices and the new classification system in August 2011. If you have any questions, please do not hesitate to contact us.