This policy guarantees the financing institution repayment of the credit granted a foreign buyer for the acquisition of Spanish goods and services in case of default.

Risks covered and maximum cover percentages

  • Commercial Risks: 99%
  • Political and Extraordinary Risks: 99%

CESNET Online Services

For easier policy management, CESCE offers you Cesnet, a technological platform you may access via this webpage with the user code provided together with your insurance.

Cesnet gives you access to different services depending on whether you are the exporter or the financial institution financing the transaction covered under this modality.

Insurance Detail

  1. The exporter negotiates an export contract with its customer.
  2. The financing institution grants a credit to finance the transaction, formalising a credit agreement.
  3. The financing institution turns to CESCE for coverage of the risk of non-payment under the Buyer Credit Policy.
  4. Once the export contract, the credit agreement and the buyer credit policy have been formalised, the exporter starts to execute the export contract.
  5. As the exporter complies with his obligations, it is paid by the financing institution on behalf of the importer. The debt that the importer accumulates with the institution is the object of cover under the insurance policy.
  6. The financing institution collects payment from the importer pursuant to the terms and conditions agreed.
  7. In case of non-payment by the importer as a result of risks specified in the insurance policy, CESCE shall indemnify the financing institution insured according to the terms established under the policy.


  1. GUARANTOR: Certain operations require a guarantor to ensure that the financing institution insured is repaid the amount owed by the importer.
  2. ICO: The financing institution usually benefits from CARI Financing provided by ICO for long term export credits (exceeding two years) at fixed interest rates (OECD Consensus rates).


  1. The exporter identifies a business opportunity. As soon as your company identifies a potential export operation, contact CESCE to find out about the possibilities of coverage. You don’t need to wait until the conclusion of the contract or the designation of a financing institution. If the operation will be instrumented through a buyer credit, you yourself may initiate the insurance process. Once you have chosen the financing institution, it can directly get in touch with CESCE to formally apply for coverage.
  2. The Exporter enquires on the conditions of coverage.- If you are a registered Gexport user, fill in the application on-line. If you are not a registered Cesnet user, fill in and e-mail this application form to cuentadelestado@cesce.es.
  3. Upon receipt of the application for coverage, CESCE contacts the exporter in order to facilitate access to Ecocheck, the online environmental questionnaire needed to complete the processing of the operation.
  4. CESCE processes the application and answers the exporter
    If the operation is accepted, CESCE issues a binding proposal with a specific period of validity, undertaking to cover the transaction in the terms approved. If the transaction is not accepted, CESCE will inform the Exporter of its decision in writing.
  5. The exporter forwards the proposal to the financing institution which is to grant the buyer credit.
  6. The financing institution formally applies for coverage and supplies the relevant documentation
    The financing institution issues a formal application through CREDICOM accompanying, if at hand, the insurance proposal signed in acceptance and sent by the exporter. It is also necessary to submit a copy of the commercial contract or of the proforma invoice and of the credit agreement or documentary credit and the declaration of compliance with the OECD Antibribery Convention.
  7. CESCE sends the policy to the financing institution. If the bank’s application came together with a valid insurance proposal, CESCE issues the policy immediately, if not, it proceeds to its analysis. If approved, CESCE issues a binding insurance proposal valid for a specific period of time, if not, the bank is informed in writing.
  8. The exporter signs the commitment to reimbursement (requisite for the conclusion of the insurance contract). Signing the commitment to reimbursement the exporter undertakes to repay CESCE any claims payment made if the relevant claim turns out to be attributable to a failure to perform on his side.
  9. The financing institution signs the policy and returns it to CESCE (requisite for the conclusion of the insurance contract).
  10. The financing institution pays the premium (requisite for the conclusion of the insurance contract).
  11. CESCE formalises the policy and sends a copy to the financing institution (requisite for the conclusion of the insurance contract).

General Conditioning