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Financial Risk Insurance

Financial Risk Insurance

Details

You can insure 

Your pecuniary interests with regard to the risk of incurring losses as a result of your contractor's failure to fulfil or properly fulfil the obligations under the relevant transactions of purchase and sale, exchange, lease, completion of works and service provision for a certain fee.

Risks insured

Failure by you contractor to fulfil his contractual obligations which may manifest itself in the following:

- failure to deliver goods, to deliver goods to the full extent, failure to transfer goods, failure to complete works and failure to provide services within the time period stipulated in the relevant agreement;
- delivery of goods, the quality and/or completeness which does not comply with the provisions of the relevant agreement;
- ailure to make payments within the time period stipulated in the relevant agreement.

Main insurance conditions

The amount of the sum insured is set by agreement of the parties within the limits of the amount of losses from entrepreneurship activities (except for loss of profits) which may incur in case of an insured event.

The amount of insurance premiums is established by ERGO specialists for each individual client depending on the degree of risk under the relevant insurance contract by multiplying the sum insured and the insurance rate.

When concluding a contract for a one-year term the insurance premium may be paid as a lump sum or in instalments (in two instalments, on a quarterly or monthly basis). 

Conclusion of an insurance contract

An insurance contract is concluded based on a written application - the printable version of the written application form (in order to view documents in Russian in the PDF format, you need  Adobe Reader installed on your system (download the latest version)). 

A concluded contract comes into force on the date specified in the written application regarding insurance, but not earlier than from the moment of crediting of the insurance premium (or part thereof) to an ERGO's bank account. An insurance contract is concluded by the procedure of issuing an insurance policy. 

The following documents (copies thereof verified by the company's head of administration) must also be submitted for the purposes of conclusion of an insurance contract:

a) the articles of association and registration certificate (if an insurance contract is concluded for the first time);

b) permits, licences, certificates and patents granting the right to undertake the relevant activities under the relevant agreement, the financial risk of which is insured;

c) documents proving the financial standing (the company's balance sheet for the last reporting period, etc.);

d) agreements and other documents relating to the relevant transaction, the financial risk of which is insured;

e) the document of assurance of fulfilment of obligations, the risk of non-fulfilment of which is insured (when insuring financial risks under a leasing agreement);

f) other documents required for establishment of the degree of the relevant risks.

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