Export Finance and Insurance Corporation (EFIC) has introduced a new political risk insurance (PRI) policy for Plant and Equipment to meet the specific needs of the mining, engineering and construction sectors.
"Our new political risk insurance policy for Plant and Equipment can cover Australian investors or contractors if a specified political event damages or deprives them of the use of assets employed in an overseas investment or project," says Chang Foo, head of Product Management and Risk Transfer.
This new policy adds to EFIC's existing political risk insurance policies, which provide PRI cover for investors or lenders.
