OPIC Insurance has developed an

exciting product - Quick Cover - which

allows certain projects in the financial

services, wireless telecommunications

services, electricity distribution, hotel

sectors and bid bonds to receive political

risk insurance coverage on an expedited

basis. Insurance coverage under this

program will be put in place for projects meeting OPIC's criteria within two

weeks of receipt by OPIC of a completed

application by the investor. Quick Cover

has been developed as part of OPIC's

commitment to help our clients get insurance in place as soon as their investment

is at risk.

Investments eligible for coverage under

the Quick Cover program are identified

at the point of insurance registration. If the

investor decides to participate in the

program, a short-form application will

be sent, along with the registration

confirmation and retainer fee letter. The

short-form application calls for project

information and investor representations.

Upon receipt of the completed application, retainer fee, and relevant project

documents, OPIC will begin a two-week

review of the project. At the end of this

period, investors who have met OPIC's

criteria for Quick Cover will receive for

execution an insurance contract that will

put their insurance in place. 

Because issuance of insurance under

the Quick Cover program relies largely

on investor representations and preliminary project information, investors

using Quick Cover must agree to provide additional information to OPIC

within five months of contract

issuance, including, for example,

information on the U.S. effects of the

project. Following receipt of such

information, OPIC will endeavor to

complete a final review of the project

within two weeks. If, upon completion of

its review, OPIC determines that its project eligibility criteria have been satisfied, the investor will receive a letter from

OPIC confirming that the review has been

satisfactorily completed. If OPIC determines that its criteria have not been met,

OPIC may cancel the contract retroactively. Coverage under Quick Cover is not

available in all countries in which OPIC

operates. For details in program availability, please call (202) 336-8579. 

OPIC’S QUICK COVER PROGRAM

OPIC Program Expedites Insurance Coverage

May 2005

OPIC is a U.S. government agency that helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements

the private sector in managing risks associated with foreign direct investment, and supports U.S. foreign policy. Because OPIC charges market-based fees

for its products, it operates on a self-sustaining basis at no net cost to taxpayers. Since 1971, OPIC has supported over $164 billion worth of investments

that will generate $69 billion in U.S. exports and support more than 264,000 American jobs. For general information, contact OPIC InfoLine at (202)

336-8799. For information via the Internet and to subscribe to OPIC News, please go to http://www.opic.gov. 

OPIC Highlights is published by Overseas Private Investment Corporation  1100 New York Avenue, N.W.  Washington, D.C. 20527

For general information: OPIC InfoLine: 202-336-8799 For information via the Internet: http://www.opic.gov

O P I C W I L L E N D E AV O R

TO COMPLETE A FINAL

REVIEW OF THE PROJECT

WITHIN TWO WEEKS

QUICK COVER CASE STUDY

OPIC’s Quick Cover program provides businesses the timely insurance coverage they may need, for example, to compete

in international bids. It took just six business days for OPIC to insure Fromherz Engineers, Inc., against the risk of a wrongful calling of its bid bond by the government of Eritrea. With bid bond protection in place, the Kenner, Louisiana, company was able to compete for the engineering, procurement, and construction of the Adi Nefas water treatment plant and

pipeline project to supply water to the capital city of Asmara.

OPIC Products

Office of External Affairs

1100 New York Avenue, NW

Washington, DC 20527

202-336-8400

www.opic.gov

OVERSEAS PRIVATE INVESTMENT CORPORATION