insolvency (bankruptcy) of the counterparty, due to which it failed to pay or cannot pay any more for products (works, services), which are the subject matter of the contract concluded between the Insured and counterparty;
failure to repay the trade credit disbursed to the counterparty upon expiry of the waiting period, set forth in the Contract (long delay in payment);
insolvency of the guarantor or surety if the counterparty’s liabilities are pledged with the bank guarantee or suretyship.
- actions of public authorities of the country of the foreign counterparty preventing from performance of the insured foreign economic contract;
- inconvertibility of the currency of the foreign counterparty into the currency of the foreign economic contract;
- war, civil war, revolution, uprising in the country of the foreign counterparty.
- Before concluding the insurance contract, all counterparties, applied for insurance, undergo the credit check for their solvency. Based on such check, the credit limit (maximum amount of allowed current debt of the future buyer) and the maximum period of allowed payment in instalments are set.