What are the eligibility criteria for the conclusion of an insurance for the risk of failure to pay abroad or domestically?
The eligibility criteria for this type of insurance are: the insurable turnover of 1,000,000 Eur and minimum 3 insurable debtors.
What are the covered risks in case of a credit insurance?
By this product the risk of failure to pay is covered in case the buyer does not pay, on the established due dates, the countervalue of the deliveries performed according to the commercial contract. The covered risks are the commercial and political risks, during the pre- and after delivery periods.
Whom is addressed the insurance for commercial credits to?
This type of insurance is addressed both to the trade companies that sell with the payment on a term, and to the banks that want to finance the commercial contracts with the payment on a term.
What happens under the situation the bid was cancelled from the guilt of the contracting authority?
In case the bid is cancelled by a written order by the contracting authoritt, the insurance policy for guarantee participation is cancelled, and the customer is returned the paid insurance premium, from which the minimum costs for analysis and issue are deducted.
What costs are supposed to be for the conclusion of a guarantee insurance?
Following the analysis of the insured person’s file, EximAsig shall establish both an insurance premium and the collateral guarantees afferent to the issue of the guarantee policy.
When must a guarantee insurance be concluded?
A guarantee insurance must be concluded when a company participates in a bid (the insurance for bid participation guarantee), when the authority makes available to the insured person an amount of money at the beginning of the work (insurance for advance return guarantee) and/or in case it won a contract where the beneficiary wants to make sure about its good performance (insurance for good performance guarantee). Also, a guarantee insurance is concluded also/or in case the beneficiary of a contract requests the guarantee for the guarantee period (insurance for after execution guarantee).
What is the legislative framework that regulates the regime of establishing and accepting guarantees?
The legislative framework is the Emergency Ordinance no. 34/2006 on the award of public procurement contracts, of public work concession contracts and of service concession contracts, as subsequently modified and completed.