Банкеръ Weekly



Euro Ins insures the distributors of Germanos Telecom Bulgaria, a major dealer of the second local mobile operator GloBul. This is the first insurance contract in Bulgaria of its kind, which includes a clause for covering a financial risk arising from the sale of telecommunication products and services, Anelia Chocheva, expert of Euro Ins, told the BANKER weekly.Last year Bul Ins was the insurer of MobilTel, but the risks covered by the policy were different, experts of the insurance and of the mobile company explained.Euro Ins now offers a product called Loss of Commercial Income, which compensates financial losses from goods with deferred payment, taken by the dealers of Germanos. If they fail (for one reason or other) to remit within the set term the money for the equipment they have undertaken to sell, Germanos will get its money from the insurer. Of course, the Loss of Commercial Income policy is sold only after a very serious inquiry of the distributor, Euro Ins experts pointed out. The candiadte for this insurance will have to certify its financial state, with which it could guarantee possible losses.Thr Loss of Commercial Income premium is paid by the individual distributors, and in cases of insurance events the compensations are paid to germanos. The ceiling of this insurance is BGL50,000 for each dealer.By the new product Euro Ins managers hope to increase considerably their premium revenues and rank among the top companies in the branch on the local insurance market.The premium revenues of Euro Ins for the first nine months of 2001 amounted to BGL5,639,000, the company's Executive Director Violeta Darakova informed the BANKER weekly. The company's proceeds went up 70% from last year, as compared to the 12% average increase for the local general insurance market.According to the company's managers, its fair performance is due both to the growth in sales of the previously offered insurances and to the many new products, which Euro Ins launched on the market. Among them is the Professtional Liability insurance, specially developed for architects, persons effecting construction supervision, and builders, which guarantees compensations in cases of lossed, incurred to third persons.Euro Ins intends to challenge its clients soon by a joint product with EUROBANK, which is presently being worked out. The positive financial performance of Euro Ins is also due to its well-developed network of branch offices. A week ago the company opened a branch office in the town of Sevlievo, with which the number of its representative offices in Bulgaria went up to 42.

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