Export guarantees
“Hermes Cover” for export credits
Investment demands financing. The Federal Republic of Germany supports its exporters by granting guarantees for their export credits through the export credit agency consisting of insurance company Euler Hermes Kreditversicherungs-AG (which explains why they are widely known as “Hermes Cover”) and PricewaterhouseCoopers AG WPG.
For many years Russia has been among the major trade partners of German companies. In the first half of 2007, exports to Russia from Germany increased by 33% compared to the year before; in the country rating for “Hermes Cover”, Russia again took first position with a volume of new contracts amounting to 1.26 bn euros.
German companies wishing to cover export credits granted to their Russian partners send their application to the export credit agency of Euler Hermes Kreditversicherungs-AG in Germany. Euler Hermes and PricewaterhouseCoopers request and assess information on the project, taking into account also the financial situation and creditworthiness of the German company’s Russian partners. The decision on granting guarantees is taken by an Interministerial Committee under the Government of the Federal Republic of Germany on the basis of documents prepared by Euler Hermes Kreditversicherungs-AG in cooperation with exporters and banks applying for cover. Experts of Euler Hermes and PricewaterhouseCoopers stand ready to accompany the insured companies with ongoing advice on the project in hand. In the event that receivables are lost, they process claims without delay.
You can find more detailed information on export guarantees of the Federal Republic of Germany at AGA-Portal.
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Euler Hermes Group
