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Hi everybody,

EH Switzerland risk team took an action that wef 01/06 for all Buyers with grades 5&6 Insureds risk retention will be increased to 40% (majority of our clients have 5% now).

As EH is saying its pilot project for EH (they are not sure it exist somewhere within group), so Group will see how it will work.

Of course the problem is that for our clients here 5&6 is 60-70% of total Buyers…plus majority clients have factoring / discounting, which will have direct impact on financed volumes.

To avoid this change EH propose to charge additional premium (only for so called VIP clients, which is around 20% of their total number)…we were proposed to some ours as well and AP is smth btw 10% and 25% increase pro rata.

We try also to get solution for not VIP (smaller sized) but luckily we dont have too much with EH here…

All the best,

Anna

Thank you Tomas for sending request. EH answer was expected, let’s wait for others.

Thank you Tomas for sending request. EH answer was expected, let’s wait for others.

Reply from Euler Hermes which came from local CEO in 8 minutes back:

Good day,

I’m sending an official EH statement on COVID-19 closures:

”The situation regarding coronavirus Covid 19 is changing daily. Based on our knowledge, we do not currently consider COVID 19 to be a natural disaster or force majeure event and apply the terms of the insurance policy in this regard.”

Regards

………..

INSCOM-ICBA Czechia – Euler Hermes – Force Majeure statement

Dear ICBA colleagues,

today I have send an official request to the Board members, or CEO of the insurer (below see Google translation):

Hello Mrs. …….,

Thank you for your ongoing information from your insurance company today.

The activity of our brokerage company INSCOM-ICBA is not limited in any area, on the contrary I perceive greater intensity and efficiency of our work. Together with our common customers, we continuously deal mainly with coverage for individual customers and mediate the flow of information in both directions (customer – broker – insurance company).

In addition to “standard” service work such as Tendering, Insurance Contract Audits, Customer Limits, and Claims, customers are also approaching us with an increased number of inquiries toward their insurance contract obligations.

We manage most of them without any problems. With one that we cannot be responsible for a broker, I now officially contact you:

”Does your insurance company look at the Coronavir pandemic and related government measures as a natural disaster, force majeure, or whether you include them under another lockout?” I mean the contractual documentation currently in use and the situation from 12/03/2020 to date, ie 8.4. 2020.

It is clear to us and the customer that he is also obliged to observe the obligations arising from the contractual documentation, ie to proceed with business with his customers with the care of a proper manager.

Thank you in advance for your comments, which we will provide to our common customers on request.

Sincerely

Tomáš Jandera, Managing Director / CEO