Export Credit Insurance

Export Credit Insurance

Euromoney Training
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Description

Course Overview The numerous financial injections made by States to banks in recent times has shown the State to be the most reliable and often only source of support an exporter or bank can rely on in times of crisis. This of course makes the state-supported cover, also called the ECA cover, for export credit risks very attractive for exporters and banks. At the same time, the terms of ECA cover are far from simple, and there are many issues to be resolved in order for the ECA requirements to be satisfied. This practical and interactive course will examine these issues and provide participants with the knowledge they need to structure an export transaction and choose the appropriate type of…

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Course Overview The numerous financial injections made by States to banks in recent times has shown the State to be the most reliable and often only source of support an exporter or bank can rely on in times of crisis. This of course makes the state-supported cover, also called the ECA cover, for export credit risks very attractive for exporters and banks. At the same time, the terms of ECA cover are far from simple, and there are many issues to be resolved in order for the ECA requirements to be satisfied. This practical and interactive course will examine these issues and provide participants with the knowledge they need to structure an export transaction and choose the appropriate type of ECA cover. There are no other courses on this topic currently on the market, and given the global economic crisis in the EU, US, and other exporting economies, there is no better time for a course focused on officially supported export credit insurance and guarantees
Day 1 Introduction Basic terms and terminology Users of ECA cover (insured exporter or bank and beneficiary) Political and Commercial Risks Definitions of political risks Definitions of commercial risks Documentations risk Risk assessment procedures Workshop 1: Participants analyse various events and classify them as political or commercial risks Short-term, Medium- to Long-term and Partial Cover Characteristics of the short-term cover Characteristics of the medium- to long-term cover Partial cover and different percentages of cover Supplier Credit Cover Classification of transactions as supplier credit contracts Difference between cover for shortterm and medium- to long-term supplier credits Workshop 2: Participants structure transactions by applying criteria for shortterm, medium-to long-term and other types of cover Day 2 Supplier Credit Cover with Involvement of Banks Assignment of claim for payment of credit Assignment of rights under ECA policy (ECGD v Universal Oil Products Co.) Insufficiency of the bank’s position Cover for bills of exchange (drafts) Cover for promissory notes Cover for account receivables Supplier Credit Cover in Complex Transactions Cover where several exporters are involved Cover to the exporter when acting through an intermediary in a country of import Cover to the exporter when acting through its subsidiary in a country of import Difficulties covering credit risks in domestic transactions Workshop 1: Participants analyse and structure supplier credit transactions with involvement of banks and complex transactions eligible for ECA cover Buyer Credit Cover Separating the loan agreement from the commercial contract ECA requirements for issuing buyer credit cover Cover for bank-to-bank loans Cover to several banks in syndicate Cover and loan participation Cover issued to multinational bank acting through local branch Other Types of ECA Cover Cover for manufacturing loss Pre-shipment cover issued to banks Cover for contract bond and guarantees Cover for confirmed letters of credit Workshop 2: Participants analyse and structure buyer credit cover and other types of cover Homework: Analysis of the case Credit Lyonnais Day 3 Homework discussion Procedures Application, offer and policy Minimum premium rates Payment of premium Determining the foreign content Reinsurance between ECAs Claims, Indemnification and Recovery Notification of non-payment, claim and waiting period Assignment of claim for payment of credit by insured to ECA Scope of indemnification Rescheduling of credit and right to indemnification Disputed claim for payment of credit Recovery methods International Legal Framework OECD Arrangement on Officially Supported Export Credits Down payment, local costs, maximum terms for payment of export credits EU regulation International sanctions Selected Standard Terms of ECA Cover Disclosure of information to ECAs Increase of risk Permits for performance of commercial and loan contracts Variation of commercial and loan contracts Governing law and jurisdiction for ECA policies
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