Authorizations and exposure

• Insures Korean exporters against the risk of nonpayment of accounts receivable from foreign buyers
• Cover: Commercial and political risks
• Short-term:
• Applies to insuring importers and issuing bank L/Cs
• Tenor: Up to 2 years
• Medium- and long-term:
• Focused on the EPC and shipbuilding industries because these contracts have extended delivery periods
• Tenor: Over 2 years
• Useful when deliveries are to developing countries

• Medium and long-term buyer credit:
• Covers financial institutions at home or abroad providing buyer credits against nonpayment by importers or importing countries’ financial institutions for a Korean export transaction
• Cover: Commercial and political risks
• Tenor: Over 2 years
• Short-term buyer credit:
• Cover for a financial institution lending directly to an importer or to a local bank that on-lends to the importer (bank-to-bank structure)
• Amount covered: Principal and interest
• Premium: Calculated as a function of the product (direct vs. indirect loan) and whether the policyholder subscribes to comprehensive cover
• Premium payment: At least 60% of annual premium must be paid within 30 days of policy issuance

• Available to financial institutions covered under the medium- or long-term buyer’s credit insurance
• Indemnifies financial institutions for losses and redeems returns resulting from fluctuating interest rates
• Tenor: Over 2 years
• Applies to CIRR rate lending
• K-SURE pays financial institution the difference in interest rates when CIRR is lower than the floating Rate
• K-SURE is paid by the financial institution when CIRR is greater than the floating rate on the difference

• Designed to help Korean companies and financial institutions participate in overseas business activities more actively, it indemnifies the policyholders (lenders for overseas businesses) for principal and interest
• Eligibility:
• Borrowers can be foreign companies, financial institutions, and governments with a Korean company (or an overseas subsidiary of a Korean company) taking part in the project as equity investors, operations and maintenance contractors, feedstock suppliers, off-takers, etc.
• Tenor: Over 2 years up to a maximum tenor (on a case-by-case basis)
• Cover:
• Up to 100%
• Comprehensive risk (political and commercial)
• Insured amount: Principal and interest

• Available for overseas resource development to secure strategic resources in a stable manner—this is necessary because Korea is a resource poor, though highly developed country
• Cover: Commercial and political risk for both exploratory and development and production stages of a project

• Covers losses by contractors of overseas construction projects arising from political risks and project owners’ commercial risks
• The policyholders may pay insurance premiums in installments commensurate with their construction works on a milestone basis
• Insured risks depend on the duration of risks based on:
• Shipment
• Insurance of certificate of performance
• Payment by construction project owner
• Cover:
• Construction and technology services: Political and commercial risk coverage
• Construction equipment: Political risks only (e.g., expropriation, wars, and money transfer)

• Covers financial institutions that extend financing to Korean developers of overseas projects in the areas of natural resources, property, mergers and acquisitions, etc., that normally require a large-scale, long-term financing
• Cover:
• Commercial risks: Bankruptcy of the main stakeholder of overseas developers, bankruptcy of domestic developers, and defaults
• Political risks: Wars, expropriation, failure to execute agreements and irresistible risks, money transfer risks, and force majeure

• Covers nonpayment of service charges following delivery of the services to foreign buyers
• Eligibility: The following sectors and services are eligible for the cover:
• Tour operators
• Transportation (losses in service charges)
• System integration, including hardware, software, system networks, and IT personnel for the construction and maintenance of information system
• Technical services
• Medical services
• Engineering, including losses in expenditures and royalties
• Education
• Content defined as online and mobile games, movies, character-related business, animations, and broadcasting

• Medium- and long-term export credit insurance: Covers exporters’ losses when export becomes impossible or when exporters cannot receive export proceeds from importers after concluding export contracts with settlement periods exceeding 2 years
• Export bond insurance:
• Covers losses suffered by financial institutions in case exporters default on redeeming their bank guarantees issued by financial institutions for export transactions
• Covered events: Fair and unfair calling
• Foreign exchange risk insurance (Forward):
• Hedges currency fluctuation risk for exporters
• Targets Korean SMEs with weak foreign exchange capabilities
• Insures against losses or benefit gains from foreign exchange fluctuations for accounts receivable
• Product liability insurance:
• Insures against faulty or damaged parts, components, or materials produced by Korean companies after the delivery has been made to a third party
• Targets Korean SMEs to boost competitiveness
• Cover: Product guarantee, product liability, and product recall
• Importer credit search service
• Overseas debt collection service

• Posts environmental reviews of projects for public disclosure and comment

• Established K-SURE Principles of Business Integrity

• Utilizes customer satisfaction capability building program to achieve better customer service

• Adheres to corporate social responsibility guidelines, including ethics

• 2023: K-SURE opened export SMEs center as a regional stronghold