EGAP
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We are a credit insurance corporation insuring credit connected with exports of goods and services from the Czech Republic against political and commercial risks uninsurable by commercial insurance.
From the point of view of business parties the political risks are of a force majeure nature. They include for example administration or legislative measures in the country of the borrower that prevent it from payment, or even political events in the country of the debtor in the form of revolution, war, general strikes, etc. Commercial risks are connected directly with the borrower and take a form of insolvency or denial of payment of claims.
EGAP insures in particular bank loans due in over 2 years, intended to finance export of energy, machinery and technological systems, investment projects, transport constructions and investments, usually to countries where political, economic and legal environment increases the risk of default.
It complements the range of commercial credit insurance products and fills the gap on the market and acts as a standard export credit insurance company in the role of a government tool to promote exports. The corporation provides insurance services to all exporters of Czech goods, services and investments, irrespective of their size, legal form and volume of insured exports.
EGAP was founded in 1992 as a joint stock company fully owned by the state. The Czech Republic exercises its shareholder rights through the Czech Ministry of Finance. Its activities are governed by the Insurance Law and the Act No. 58/1995 Coll., on insuring and financing state supported export.
Short-term commercial insurance against risks of non-payment resulting from insolvency or protracted default of a foreign or domestic buyer is offered by Credendo – Short-Term EU Risks úvěrová pojišťovna, a.s. co-owned by EGAP and the Belgian credit insurance company Ducroire – Delcredere SA. N.V.
