UIBL Political Violence. Political Risks
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1 UIBL Political Risks
2 Introduction Due to the often complex nature of the subject known generically as Political Risk and Credit Insurance, we have compiled an information sheet to address key issues, and types of coverage which may be provided to protect your investment. The aim of political risk insurance is to protect you from those unforeseen perils which arise from trading / operating in a Foreign Country, as opposed to the general business risk operating/contracting in a Foreign Country. Therefore, the crucial initial step is to identify which political risks could affect your specific investment, and to seek protection as early as possible in the planning of your investment. Should you require any further information, please contact Tom Downing at: United Insurance Brokers Ltd., 69 Mansell Street, London, E1 8AN, England. Tel: Fax: tom.downing@uib.co.uk We look forward to the opportunity of working with you in the future. 2 Political Risks 2017
3 Brief descriptions of various political risk and credit exposures Confiscation, Expropriation, Nationalisation The theft or effective closure of your investment by a foreign government without the provision of fair compensation. Deprivation The deprivation of use of stocks/mobile plant and equipment etc. outside your host country because of your inability to obtain an export licence (where such licences were previously obtainable). Deprivation cover is generally grouped with Confiscation, Expropriation and Nationalisation to form the abbreviation CEND insurance. Import/Export Licence Cancellation The prevention of import/export of goods from any country due to the cancellation of previously obtained valid import or export licences. Investments are most at risk from this peril during the construction phase of a project where operations depend on the continued sourcing of foreign goods. Cover can also be tailored to reflect the costs of switching supply only. Forced Abandonment You are forced to permanently abandon your investment, as it is unsafe for your staff to continue operations. Selective Discrimination A foreign government specifically targeting your investment, and permanently preventing you from operation, e.g. cancellation of operating licences or other special agreements with the foreign government. Political Risks
4 Forced Divestiture Insufficient compensation is paid to you as a result of your own government obliging you to divest. Physical damage to your investment as a result of civil commotion, malicious damage, war, civil war, terrorism etc. Cover can be tailor-made to wrap around All Risk policies. (To qualify for war and civil war cover, companies must not originate from the actual risk country). Business Interruption Loss of earnings and additional expenses as a result of any of the perils mentioned above. This coverage is usually provided in addition to one of the base covers mentioned above. Contingent Business Interruption Loss of earnings and additional expenses due to the physical damage of transmission lines or essential utility services or equipment as a result of an act of. Contract Abrogation The abrogation of agreements with a majority government owned joint venture partner, or the imposition of a law, order, decree or regulation by either your own government or a Foreign Government which directly or indirectly prevents the operation of the joint-venture or the performance of a contract. 4 Political Risks 2017
5 Cover for contracts Currency Inconvertibility and Transfer Risk The inability to obtain earnings, dividends, management fees, loan repayments etc. because of the failure of the Foreign Country to exchange local currency deposits into hard currency, or transfer the hard currency out of the Foreign Country. Contract Frustration Indemnity Contract Frustration Insurance is required for any contract where a foreign government is involved. Coverage is tailor-made to respond to: (a) (b) The said government company failing to meet its contractual obligations. This includes non-payment of any due amounts under the contract as well as damages which fall due in the event of the repudiation of the said contract or, the said government company failing to meet its contractual obligation. The failure of the Insured to perform its obligations under the contract due to reasons of political Force Majeure such as embargo, war, etc. Cover is designed to track the Insured s actual net financial exposure throughout the life of the contract. Wrongful Calling of Guarantees The wrongful drawing down of on-demand bonds, standby Letters of Credit etc. by the beneficiary where all contract terms have been fulfilled, or The rightful drawing down of similar instruments as a result of the inability to conclude the contract due to political events of Force Majeure. Political Risks
6 Credit risk Loss as a result of the failure of a private entity to pay trade related debt (usually due to insolvency). Underwriting considerations In addition to a basic description of the project including its scope, all parties involved, and their role in the project. Underwriters will also consider the following key factors to determine whether they will accept this risk and at what cost: (i) (ii) Previous trading experience with the said Foreign Country (whether or not with the same contracted parties). Involvement of the Foreign Government in the project. (iii) Project/Contract timetable. (iv) Exact location. 6 Political Risks 2017
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8 69 Mansell Street, London, E1 8AN T: +44 (0) W: United Insurance Brokers Limited is an accredited Lloyd s insurance broker, authorised and regulated by the Financial Conduct Authority (FCA).
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