Since 1996, ECIO is offering Construction Insurance Schemes for projects undertaken by Greek construction companies abroad. Through these schemes ECIO insures against non payment of obligations due to political and commercial risks of the foreign public or private entity.

Therefore, ECIO helps the Greek construction companies in the following ways: ECIO insures payment upon completion of the Project and also, helps (indirectly) in financing it through a bank since the insured Construction Company (with ECIO's approval) may use, as Collateral, its right to assign any possible future claims of compensation to a Financial Institution.

As far as the payment of the insurance fees is concerned, they must be paid either up front or in instalments. In any case, the insured company must have paid the fees before the start of the repayment period of the construction project.

Concerning the insurance procedure, there are two documents associated with the specific scheme. An application form that the applicant company has to fill in and the Insurance Contract to be signed if the application is approved. Along with the application, the company must provide to the ECIO the contract between the Greek construction company and the foreign entity which is responsible for the repayment of the credit.

Since, in most cases, at the time of the application the company cannot provide all the necessary documents, ECIO's Board of Directors can offer a "provisional" approval of the project. The elements that determine whether the construction project can be insured are, among others, ECIO's Statute Law, the economic and political condition of the country where the project will be constructed, the credibility of the foreign entity etc. After the company provides all the final documents to ECIO, the Board decides for the final approval. If the project is approved the Insurance Contract is signed.