Available coverage under this specialized line of business includes:
- Non-payment of contractually due amounts.
- Non-delivery of goods and/or non-repayment of a prepayment made under a pre-export finance or barter contract.
- Un-honored letters of credit.
- Un-honored arbitration awards or court judgments.
- Expropriation, including confiscation, nationalization, deprivation, selective discrimination, forced divesture and forced abandonment by an overseas government entity of an insured’s interest.
- Pre-shipment perils, including breach of contract, force majeure, import/export embargo and license cancellation.
- Unfair calling or fair call for political reasons of on-demand bonds.
- Exchange transfer and currency inconvertibility.
- Physical damage or destruction of property due to war, strikes, riots and civil commotion.
Appetite & Availability
ArgoGlobal writes business on a worldwide basis, excluding in Afghanistan, Cuba, North Korea, Republic of Sudan, Iran and Syria.
Maximum Tenors and Lines
- Political Risk and Contract Frustration:
- Line size up to $50 million per transaction
- Maximum tenor of 15 years
- Credit Risk:
- Line size up to $35 million per transaction
- Maximum tenor of 7 years
In addition to considering submissions at Lloyd’s and Lloyd’s Brussels, the Syndicate has authority to underwrite risks through its office in the Dubai International Financial Center.
ArgoGlobal’s account is based on long-standing relations with key international banks, multilateral institutions, export credit agencies, corporate clients and specialist brokers. Our policies are tailored to address specific transactional needs.
Our underwriters have a solid market reputation as effective London Market leads, with access to appropriate capacity and an ability to influence price and policy conditions.