Political Risk & Trade Credit
Political Risk - Contract Frustration
XL Group offers contract frustration insurance to clients involved in international business.
(Coverage provided for worldwide exposure)
– Up to USD 75 million per risk
– Up to 10 years
– License cancellation
– Import/export embargo
– Unfair/fair calling of advance payment/performance guarantees
– Policy wording tailored to specific transaction requirements
– US insureds: policies written on an admitted or non-admitted basis
– Non-cancelable coverage
Large corporations, both public and private, involved in foreign direct investment, cross-border lending or international business, primarily in emerging markets across a variety of industries
– Global financial institutions
– Commodity traders
– Engineering/procurement/construction contractors
Typical Information Required
– Summary of the financing transaction to be covered, including the purpose of the financing, tenor, amortization, security structure/collateral and pricing
– Most recent three years financial statements for the obligor/guarantor
– Summary of the insured’s experience doing business with the obligor and in the obligor’s country
– Coverages being requested and tenor requirements
Benefits & Services
– Capability to issue policies from the US, the UK, Singapore and XL’s Lloyd’s syndicate 1209 to accommodate licensing and geographical location requirements.
– Underwriting locations in New York, London and Singapore provide local, same-time zone access to our global capabilities
Varies, if applicable
This general product description is informational only. It is neither an offer to sell nor a solicitation to purchase any particular insurance product. Products are subject to legal and underwriting requirements. Coverages may not be available in all jurisdictions, including without limitation any jurisdiction within the United States, and may be available only through appropriately licensed producers. In addition, XL GAPS’s provision of publications or services is not an indication of the existence or availability under any policy of coverage for any particular property or type of loss or damage. Policies underwritten from Bermuda are only available through non US-based brokers. The Insurance companies of XL Group plc are: Greenwich Insurance Company, Indian Harbor Insurance Company, XL Insurance America, Inc., XL Specialty Insurance Company, XL Select Insurance Company, XL Insurance Company of New York Inc., XL Insurance (Bermuda) Ltd, XL Insurance Company Limited, XL Insurance Switzerland Ltd, XL Insurance (China) Company Limited, XL Insurance Argentina SA Compañia de Seguros and XL Insurance Mexico SA de CV. Coverages placed with Lloyd’s Syndicate #1209 are managed by XL London Market Ltd and supported by XL corporate members at Lloyd’s. Additional important information regarding our business is provided on our Legal Notices page.
Richard S. Maxwell
Throughout his more than 30-year career, Rich has developed a reputation in both banking and insurance circles as an innovative and forw ...
Mark is a Senior Underwriter for political risk and trade credit insurance in Asia. Having worked intimately with the insurance market a ...
Rafael is our Global Risk Manager for political risk and trade credit insurance. He’s an expert in credit and geopolitical analysi ...
His specialist knowledge and broad experience in international trade and overseas investment have made Joe a recognised expert in the po ...