To help you find your way around our website easily we have created a glossary for you.

Arrangement (Consensus) International agreement made in the OECD to limit the effects of unfair competition due to government support, subsidies and financing.
Berne Union The Berne Union is the association of private and public sector export credit and investment insurers which insure both buyer and country risk for international goods and services transactions.
Bond insurance Insurance against the risk of a buyer or its bank calling a bank guarantee.
Buyer Credit Insurance policy Insurance against borrower default for a bank which has financed an export transaction.
Buyer non-payment risk This is the risk that the buyer or borrower will fail to comply with its financial commitments.
Counter guarantee An individual guarantee or a guarantee issued under an exporter’s or contractor’s Supplementary Cover or stand-alone Bond Insurance, whereby Atradius undertakes, on behalf of the Dutch State, to reimburse the guaranteeissuing bank for payments made
to the buyer. As this eliminates the need for the guaranteeissuing bank to hold the exporter or contractor liable for the full amount of the guarantee, it frees up capacity under the exporter or contractor’s credit limit.
Country Risk Refers to risks related to the importing country and includes political risks (e.g. transfer restrictions, disturbances or war) and catastrophes (e.g. natural disasters such as storms, earthquakes and epidemics).
Credit Risk The risk that an exporter/bank will not receive the agreed contract amount or ot the entire amount, or will receive the
contract amount only after a long delay
Debt Consolidation A payment plan which can include rescheduling as well as cancellation of a country’s debt or part thereof.
Direct Guarantee Atradius’s irrevocable commitment, issued on behalf of the Dutch State, to indemnify a discounting or negotiating
bank if amounts due on bills of exchange or promissory notes or under irrevocable letters of credit remain
unpaid upon expiration of the relevant waiting period.
Exchange Risk Insurance Insurance to an exporter, who offers in foreign currency, against the risk that the exchange rate of the currency
changes during the tender period.
Export Credit Guarantee A guarantee to a (re)financier of a bank who provides an export credit.
Force majeure An unforeseeable situation beyond the insured’s control preventing fulfilment of the obligations under the export
Investment insurance This insurance covers investment losses in companies abroad due to expropriation, war, transfer restrictions or breach of contract.
Lease Policy with Comprehensive Cover Insurance against non-payment of instalments due under a lease agreement for exported capital goods (financial lease) covering all lease instalments.
Lease Policy with Limited Cover Insurance against non-payment of instalments due under lease agreement for exported capital goods, generally covering only the first nine months’ instalments.
Lease Policy with Expropriation-
Risk Cover
insurance against expropriation for leased capital goods
Manufacturing Risk The risk an exporter runs of nonpayment for costs incurred in concluding and executing an export contract inasmuch as it has failed to deliver the contracted goods and/or services to the buyer.
Medium-term transactions transactions with credit terms longer than twelve months (capital goods exports) or completion periods longer than twelve months (construction projects).
Progress payments Periodic payments to an exporter during the manufacturing period or a contractor during the completion period for work as it is completed as per the contract terms, made from a bank loan for which Atradius has issued a Buyer Credit Insurance policy on behalf of the Dutch State.
Promise of Cover Atradius’s undertaking, on behalf of the Dutch State, to issue an insurance policy. Atradius can issue a promise of cover to an exporter prior to or during negotiations with its client and/or banker. The exporter can then be certain of the risks Atradius will insure, as well as the terms and conditions of the insurance coverage, provided the contract comes into force within the period stated in the promise of cover.
Protracted default Failure by the buyer to pay the contractual debt after the waiting period (see below), which is not due to a dispute nor verifiable political or commercial factors.
Recoveries Amounts collected on overdue payments after indemnification of the insured.
Risk Insurance for Contractors Insurance for non-payment of costs incurred for construction projects, whether or not due to the buyer failing to issue all certificates.
Stand-alone Bond Cover exporter’s insurance against a buyer or its bank making unfair calls on a guarantee issued by the exporter’s bank, for which the issuing bank holds the exporter liable for recourse.
Supplementary cover Insurance against the risk of unfair calling of a bank guarantee by a buyer or its bank, which an exporter may take out as a supplement to manufacturing risk insurance or credit risk insurance.
Waiting Period (Claim Filing Waiting Period, Claims Waiting Period) The period the insured must wait before filing a claim. The period starts on the payment due date and expires as stated in the insurance policy.
Working Capital Insurance Insurance to a bank against the risk that he will not regain the working capital that he issued to an exporter.



The statements made herein are provided solely for general informational purposes and should not be relied upon for any purpose. Please refer to the actual policy or the relevant product or services agreement for the governing terms. Nothing herein should be construed to create any right, obligation, advice or responsibility on the part of Atradius, including any obligation to conduct due diligence of buyers or on your behalf. If Atradius does conduct due diligence on any buyer it is for its own underwriting purposes and not for the benefit of the insured or any other person. Additionally, in no event shall Atradius and its related, affiliated and subsidiary companies be liable for any direct, indirect, special, incidental, or consequential damages arising out of the use of the statements made information herein.