This policy has been conceived for operations where a financing institution grants the exporter a prefinancing credit for the payment of salaries, raw materials, etc. during the manufacturing stage, or for the discount of bills in foreign currency.

CESCE covers the net final loss that the financing bank may incur as a consequence of the exporter’s partial or total failure to repay the prefinancing or financing credit.

Risks covered and maximum cover percentages

  • Commercial Risk: 50% (Higher percentages on a case by case basis)

Insurance Detail

  1. The exporter negotiates an export contract with his customer and needs financing during the manufacturing stage.
  2. Always provided the export transaction is based on a firm order, the exporter may approach the financing institution for a prefinancing or financing credit to pay labour costs, raw materials, suppliers, etc. needed to manufacture the goods to be exported.
  3. The financing bank turns to CESCE for coverage of the exporter’s credit risk under the Bank Guarantee policy. It is essential that preshipment risk is covered in case of a prefinancing credit and basic credit risk in that of a finacing credit.
  4. Once the export contract, the prefinancing or financing credit and the bank guarantee have been formalized, the exporter starts to perform the export contract. The importer will pay the exporter the deferred price pursuant to the terms and conditions agreed.
  5. The financing Institution collects the credit from the exporter according to the terms and conditions agreed.
  6. In case of non-payment by the exporter as a consequence of any of the risks considered in the insurance policy, CESCE shall indemnify the insured bank, pursuant to the terms and conditions set forth in the policy, for the final net loss incurred on account of the exporter’s total or partial failure to repay the prefinancing or financing credit granted.



1. The exporter discovers a business opportunity.

As soon as your company identifies a prospective export transaction, contact CESCE to find out about the possibilities of coverage. You do not need to wait until the conclusion of the contract nor until you have been granted the prefinancing or financing credit.

2. The financing bank requests coverage under the Bank Guarantee Policy.

To request coverage, fill in the application form attached and e-mail it to cuentadelestado@cesce.es.


3. CESCE processes the application and answers the financing bank.

CESCE studies the application. If coverage of the operation in the terms proposed is accepted, CESCE issues a binding proposal undertaking coverage of the transaction according to the terms approved. The cover proposal stays valid during a specific period of time. In case coverage in the terms requested is not approved, CESCE informs the financing bank of the decision in writing.

4. The financing bank signs the conditions offered and forwards the documentation

The financing bank must accompany the conditions offered, duly approved with its signature, with a copy of the signed business contract or of a signed proforma invoice and, furthermore, with the exporter’s signed declaration of compliance with the OECD Antibribery Convention.


5. CESCE sends the policy to the financing bank

Upon receipt of the insurance proposal, valid and signed by the financing bank, together with the copy of the business contract or the proforma invoice, CESCE immediately forwards the insurance policy.

6. The exporter signs the letter of commitment.

Requisite for the conclusion of the insurance.
By signing the letter of commitment, the exporter undertakes to repay CESCE any indemnity paid, where the relevant claim turns out to be attributable to non-compliance on his side.

7. The financing bank signs the policy and returns it to CESCE

Requisite for the conclusion of the insurance contract.

The financing bank returns CESCE the policy duly signed, together with the exporter’s signed letter of commitment and proof of premium settlement.

8. The financing bank settles premium

Requisite for the conclusion of the insurance contract.

The financing bank settles premium in the amount and within the period established under the policy.

9. CESCE formalises the policy and sends a copy to the financing bank

Requisite for the conclusion of the insurance contract.

After due processing, CESCE signs the policy already signed by the insured sending him a copy and accompanying the premium receipt.

General Conditioning (Spanish version)