Die Instrumente der HERMES-Exportkreditversicherung

The Federal Republic of Germany is one of the largest export nations in the world. Its share of world trade is over 10%. International cooperation harbours additional potential for uncertainty that goes beyond the typical domestic risks. The HERMES export credit insurance scheme, which is sponsored by the Federal Republic of Germany, aims to reduce this to a calculable level and limit possible losses due to bad debts caused by economic or political factors. The author presents in detail the most important instruments of the HERMES Export Credit Insurance (pre-shipment risk cover, export risk cover and buyer credit cover) as well as the commercial and political risks covered within its framework, describes the procedure, alternatives to the HERMES guarantee and draws comparisons with the legal situation in other export nations.