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COSEC - Companhia de Seguro de Créditos, SA (Cosec)

Key facts

  • Established in 1969
  • Ownership: Private
Part of the OECD Part of the Berne Union

Latest update: 03/12/2021

Products

  • Buyer credit
  • Supplier credit
  • Other products

Buyer credit


  • Available to private and public buyers of Portuguese exporters
  • Tenor, risks covered, and premium determined case-by-case
  • Fees:
    - Application fee
    - Offer fee is charged for handling applications for export credit policies at the issuance of the offer and at each offer renewal every 6 months
    - Premium according to OECD rules 


Supplier credit


  • Covers Portuguese exporters pre-shipment (manufacturing risk cover) and post-shipment (credit risk cover)
  • Manufacturing risk cover: Covers the net loss of the Portuguese exporter in case of cancellation or suspension of a manufacturing process
    - Only available in EUR
    - Premium is excluded from cover
  • Export Credit Risk COSEC: Covers the losses of the Portuguese exporter due to a political or commercial event
    - Available in EUR and certain foreign currencies
  • Types of cover:
    - Individual policy (single-contract)
    - Line of credit: Multiple transactions to the same foreign buyer or bank
    - Monthly shipping notifications required
  • Policy may be assigned to financial institutions
  • Fees:
    - Application fee
    - Offer fee is charged for handling applications for export credit policies at the issuance of the offer and at each offer renewal every 6 months
    - Premium according to OECD rules


Other products


  • Investment insurance abroad: Covers Portuguese investments (equity, shareholder loans, and bank loans) against expropriation, war, currency transfer, currency inconvertibility, and breach of contract
  • Bonds:
    - Tender bonds
    - Advance payment bond
    - Performance bond
    - On-demand bonds
    - Counter-guarantees and counter-indemnities

Performance highlights

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