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If you export capital goods or services, you run a huge risk if a foreign buyer fails to pay, for example, due to political events such as war or expropriation. In cases like these, business owners that export capital goods or services from the Netherlands can have their transactions insured by the Dutch government through export insurance. Government insurance schemes are for large transactions or ones with long turnaround times or in high-risk countries for which no coverage options are available on the market.
When do you qualify?
In order to be eligible for these types of insurance, you must satisfy at least the following conditions:
- Your company has its registered office in the Netherlands.
- The capital goods or related services are exported from the Netherlands, or you are a building contractor who executes construction projects abroad (shipbuilding, dredging or greenhouse construction).
- You take out the insurance before payment is due to be made.
- You cannot take out private insurance.
How to apply?
Apply for the insurance to Atradius Dutch State Business, which advises and informs companies on behalf of the Dutch government.
Reducing export risks
In addition to export credit insurance, other government products are available to reduce export risks:
- Investment insurance, this insures your company against political risks such as civil war in the country where you wish to invest.
- Export credit guarantee, this instrument enables banks to increase their export finance for Dutch exporters.
- CIRR finance (Commercial Interest Reference Rate) with which your bank provides your foreign buyer with finance at a favourable interest rate.