Insurance against commercial risk
The Object
of the insurance coverage are payments under the contracts for sale of goods or provision of services with a credit period no longer than 2 years.
Covered risk
is the risk of non-payment for the export of goods and services realized by the Insured, connected to the foreign buyer (insolvency and default).
Debtor is
a legal entity registered as a trader outside the territory of the Republic of Bulgaria.
Insurance indemnity
is the recovery paid by the Insurer up to the agreed in the Policy limits of the losses suffered by the Insured as a result of the occurrence of an insurance event. The insurance indemnity cannot exceed the credit limit.
The form of the insurance contract
is a framework insurance policy for the whole turnover of the Insured, excl. deliveries under advance payment and affirmed, irrevocable Letter of credit issued by Bulgarian commercial bank.
The Insurance premium
is the price of the insurance service and is defined by the Insurer depending on the risk assessment, covered risks, terms and conditions of the insurance contract.
The insurance policy
is signed under the current General terms for insurance of payments over contracts for export against short-term commercial risk (for the countries with marketable risk) and the General terms for insurance of the payments over contracts for export of services and goods against non-marketable short-term commercial risk (for those with non-marketable risk).