The insurance will offer protection for China Rongsheng in areas including insurance against buyer's breach of contract, offering comparatively favourable rates and customised terms and conditions.
“By securing more financial protection from the government for future new orders, this agreement will contribute to lowering the group's operational risk and enhancing their overall competitiveness,” China Rongsheng said.
State-owned Sinosure will cover the shipbuilder's risks under insurance against buyer's breach of contract to support financing activities before delivery, and provide export credit insurance services to help shipowners complete financing during the negotiation process of new orders.
“Since 2011, several banks in Mainland China have stipulated new requirements for the insurance against buyer's breach of contract during the application process of construction loans,” China Rongsheng noted.
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