This is how the compensation is calculated

The compensation is the claim amount minus your excess, if there is one in the guarantee.

The excess is the percentage of a loss that is not compensated under the guarantee. It is usually five per cent.

If EKN is paid by the buyer, after compensation has been paid, you as the guarantee holder are entitled to your excess share. EKN will normally pay you within 30 days of receiving payment from the buyer. 

Web page last updated 22 Jul 2022