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Credit Insurance

1. What is Credit Insurance?
In today’s trade the most often pre-condition for realization of an agreement is to sell on open account. In that way a credit relation created between the supplier and the buyer is causing additional costs and risks for the supplier. Besides the fact that the supplier will wait longer to collect the receivables, the value of the receivables will reduce gradually each day. Trade competition, especially in the international market is far too uncertain, and the implementation of the projects incurs a lot of risk. The risk may be reduced by appropriate insurance instruments.

In order to help the Macedonian companies which sale on credit, the Development Bank of North Macedonia provides short-term insurance of receivables against commercial and political risks.
Commercial risk denotes default of payment by the buyer due to insolvency or bankruptcy.
Political risk
denotes default of payment by the buyer as a result of events in the country as war, riots, occupation, revolution, but also, cancellation of license, non-observance to an agreement, moratorium.

Beneficiaries of credit insurance may be companies registered in the Republic of North Macedonia which sell goods and services with deferred payment not exceeding 180 days.

Export credit insurance will provide:
- secure receivables collection in the country and abroad,
- improved liquidity and balance sheet of the companies in the Republic of North Macedonia
- acquisition of new markets and endurance in the existing ones
- easier access to funding in the capital market

2. Products:

  • Post-shipment insurance of export receivables
  • Pre-shipment insurance of export receivables
  • Post-shipment insurance of domestic receivables
  • Pre-shipment insurance of domestic receivables