Updated General Conditions for Counter Guarantees
Please be informed that revised and updated General Conditions for Counter Guarantees are now available on EKN’s website.
The revised and updated General Conditions for Counter Guarantees are available on the General Conditions page, to be applied to applications received by EKN as from 1 October 2023.
Changes regard 4.3 and chapter 5 of the general conditions and the main changes in relation to previous general conditions (of November 2004) concerns:
- EKN’s ability to alone take measures in case of increased risk or of a calling on the counter guarantee, as well as after indemnification
- Calculation of loss
- Allocation of costs between EKN and the guarantee holder
- Allocation of amounts received after payment of indemnification
Further information on the Counter Guarantee product is available on the product page for the counter guarantee.