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A credit insurance corporation specialising in political and commercial risks associated with the financing of exports of goods, services and investments from the Czech Republic that are uninsurable on the regular market.
EGAP mainly insures bank loans with a maturity of more than two years that are intended to finance exports to countries where the political, economic and legal environment means there is a greater degree of uncertainty and a higher risk of non-payment by the buyer.
Official support consists of a state guarantee for liabilities arising from concluded insurance contracts. This is viewed as a standard means of supporting exports with a quick return on investment, and as a highly pro-growth and anti-crisis instrument used to stimulate the economy in all developed countries. Officially supported exports are governed by a set of OECD and EU rules to ensure that exporters from different countries compete not by the extent of official support, but solely in terms of the quality and price of their goods and services.
EGAP provides insurance services to all exporters of Czech goods, services and investments, regardless of their size, legal form or the volume of exports to be insured. EGAP insures the risk of non-payment directly for the manufacturer, the risk of non-payment for the financing bank, the risk of the impairment of an investment abroad, the risk of cancellation of the contract by the importer, and bank guarantees.
Insurance is provided in accordance with Act No 58/1995 on officially supported insurance and financing.
EGAP acts as a standard credit insurer playing the role of an official instrument for the support of exports from the Czech Republic via insurance products, and complements the range available from commercial credit insurance companies.
The basic conditions of insurance include a problem-free credit history on the part of the entities concerned (whether an exporter, importer, or guarantor), a minimum 50% share of the value of supplies originating in the Czech Republic, compliance with legal provisions aiming to prevent bribery in international trade, and the submission of an export contract.
The insurance products cover credit risks associated with the export of goods and services and risks associated with investments abroad, the financing of production for export, and the issuance of guarantees for exporters. These include insurance of the risk of non-payment directly for the exporter, coverage of the risk of non-payment for the financing bank, investment impairment risks, the contract cancellation risk, and bank guarantee insurance.read more
Reference to legal acts
Act No 58/1995 on officially supported insurance and financing
Compliance date: Last checked at 12.01.2021