YEREVAN, March 3. /ARKA/. The Export Insurance Agency of Armenia has started providing insurance services, the press office of Armenia’s ministry of economy reported.
Exporters will be able to insure their financial flows against possible loss in the agency, says the report.
The Export Insurance Agency of Armenia was founded at the end of October under a government decree, as an export promotion tool. The main aim of the agency is to insure resident exporters (small and midsized enterprises) against losses in cases when foreign buyers fail to fulfill their obligations under export agreements on goods supplied on credit.
Failure to fulfill the obligations may be caused by trade risks, political risks, trading and bank transfer restrictions, force majeure, and etc.
Insurance payments are made within from one to six months, in Armenia drams, US dollars, euros or Russian rubles. Insurance coverage is 85-90% of the cost in the export agreement, and the insurance payment is 0.3-1.1% of the export deal value depending on insurance risks and exporting country.
The agency gives also an opportunity to take the advantage of funding under state support or other programs and soft terms.
The Export Insurance Agency of Armenia is a central bank-licensed insurance company with capital of over 2 billion drams. The company is refinancing its risks through prestigious international Swiss Reinsurance Company Ltd.
The Export Insurance Agency of Armenia is located at Erebuni Plaza business center in Yerevan, V. Sargsyan st. 26/1 (tel. 010 58 29 29, 060 46 29 29, www.eia.am). ($1 – 478.6 drams). -0-
