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Our Medium- and Long- Term policies are characterized by maturities that exceed 2 years and, in general, are related to projects involving capital goods, services and other specific contracts.

These policies are guaranteed by the Brazilian Federal Government, through use of the FGE - Fundo de Garantia à Exportação (Export Guarantee Fund), created by Act 9.818/99. Nevertheless, SBCE is still responsible for all the technical analysis and management of the policies. These specific insurance policies are divided into two categories:

"SUPPLIER's CREDIT": The policy is issued on behalf of the EXPORTER. Thus, the exporter himself grants credit to his customer abroad. However, the exporter may request a refinancing contract(which may be done throughthe discount of commercial papers originating from the export operation), transferring the right to compensation to the financing institution.

"BUYER's CREDIT": The policy is issued on behalf of the BANKS. The exporter receives an upfront payment from his buyer, which in turn was obtained through a financing contract between the importer and a financial institution.

Pre-credit Risk (Manufacturing): Pre-credit risk is characterized by a situation where the exporter has signed a contract with an international buyer and has begun production and/or development of the goods or services, but is then informed by his client that the agreement is canceled. Under theses circumstances, the policyholder will be compensated based on the costs incurred during the manufacturing period.

Credit Risk (Post-shipment): Following the shipment of the goods or performance of contractual obligations by the exporter, there is a risk that the buyer will not pay his debts. In this case, the policyholder's indemnification will depend on the amount owed by the importer.