Studies On The Contract Of Export And Credit Insurance

Being an export stimulus strategy permitted by WTO rules, export and credit insurance has been generally supported by trade and financial systems of almost all the countries in the world. Export and credit insurance is a kind of political insurance which was established to expedite exporting and to guarantee the accounts receivable of the exporters. It plays and very important role in export. On one hand, the contract of export and credit insurance shares some common characteristics of property insurance contracts such as its constituents, establishment, validity, conversion, execution and termination; on the other hand, it also has some special characteristics and its own rules. The dissertation is composed of 8 chapters which explicates the export and credit insurance contract problems according to their underlying logic relationship.Chapter 1 tries to give a general description of export and credit insurance. Section 1 makes some analysis of the definition of export and credit insurance through comparison with current theories. It also explicates the internal and external attributes of export and credit insurance. Section 2 provides a general introduction to the establishment and development of export and credit insurance. The developing periods are divided into three phases:the rapid-developing phase, adjustment phase and steady-developing phase. Section 2 also introduces the Agreement on Guidelines for Officially Supported Export Credits issued by OECD and the history of Bernie Union.Chapter 2 explicates the legal and economic essence of export and credit insurance contract. As far as the legal essence is concerned, export and credit is a contractual arrangement that the insurance company agrees to compensate the insured for loss due to credit risks on condition that the insured pay the premium. The economic essence means that it is a financial arrangement which can disperse credit risks and provide compensation to loss due resulted by credit risks. Section 3 provides the foundation theory as "out of control of the market", "policy tools" and "export subsidy reasonable". Export and credit insurance is established on the above theories. Section 4 investigates the management models all over the world and describes some new trends of export and credit insurance, such as the export and credit agencies losing the monopolistic advantages, etc.In chapter 3, the author discusses the contractual problems. Section 1 analyzes the principal participants such as the insurer, the insured and other parties to the export and credit contract. Section 2 tries to figure out what is the objectives of the export and credit insurance contract. It comes to a conclusion that the objectives of export and credit contract is insurable interest, which covers accounts receivable and the expenses related to the insured's contractual obligation. The export and credit insurable interest is a kind of risk interest, shared interest and dispersible interest. Section 3 explicates the rights and obligations of the contract parts.In chapter 4, the author discusses the establishment, validity, conversion, execution and termination of export and credit contract. It also introduces its special performance procedure. Section 1 analyzes the constituents of contracts and tries to figure out the conclusions as follows:the policy issued by the insurer and premium paid by the insured are not the preconditions for validity of export and insurance contract. In Section 2, the author thinks that the credit quota is the special validity prerequisite in export and credit insurance. This section also discusses the validity and invalidity time, the legal consequence of invalidity, the problems related to the commencement of insurance responsibility of export and credit insurance contract. Section 3 discusses the conversion of export and credit insurance contract when objective conditions changes. The objective conditions can be concluded as follows:1, Conversion of export and credit insurance contract caused by variation of credit risk; 2, Conversion of export and credit insurance contract caused by the credit quota; 3, Conversion of export and credit insurance contract caused by retention of title; 4, Conversion of export and credit insurance contract caused by the insured's behavior by which he exert the right of postponing the payment deadline ahead of time. Section 4 discusses the execution and termination problems in export and credit insurance contract. The export and credit insurance contract will be terminated after the insurer provides compensation to the insured for the indemnity.Chapter 5 analyzes the principle of utmost good faith. Section 1 explicates that the principle of utmost good faith is the basic principle of export and credit insurance contract. Section 2 analyzes the obligations of the insured's disclosure and warranty, the insurer's explanation. It also analyzes the legal consequence of breaking the above obligations rules. Section 3 discussed the obligations of waiver, estoppels and the legal consequence of breaking the obligations rules of waiver and estoppels.Chapter 6 discusses the principle of export and credit insurance insurable interest. Section 1 illustrates three popular theories of insurable interest such as the general theory, the technical theory and the economic theory. Section 2 analyzes the constituents of insurable interest such as:legality, economy and certainty. Section 3 discusses the time validity and object validity. The section indicates that the validity time of insurable interest is the time of indemnity. Section 4 tries probe into the function of insurable interest. It puts forward that insurable interest can be tell from gambling through its special attributes. The insurable interest will help to limit the compensation, to prevent to illegal profit and moral risks.Chapter 7 discusses the problems of loss and compensation. Section 1,2,3 analyzes principle of loss and compensation, principle of proximity and principle of subrogation respectively. The section discussed about the function of the principle of loss and compensation, the practicing rule of proximity cause and the legal essence of subrogation.Chapter 8 analyzes the special principles of export and credit insurance such as principle of risk bearing, principle of credit quota and principle of loss reservation. Section 1 explains the relative problems of risk bearing. The principle of risk bearing is a special principle of export and credit insurance established on the specialty of export and credit insurance contract. Section 2 and 3 discusses the principle of credit quota and loss reservation separately.