Expedited Coverage: "Quick Cover"

Coverage under the Quick Cover product is currently available for projects less than $50 million in size and in the following countries and areas listed below. For projects elsewhere, please check with OPIC, as additional countries and areas may become eligible for the Quick Cover product.

OPIC Insurance has developed an exciting new product -- Quick Cover -- which will allow certain projects in the financial services, wireless telecommunications services, electricity distribution and hotel sectors, as well as for bid bonds to receive political risk insurance coverage on an expedited basis. Quick Cover coverage 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 product are identified at the point of insurance registration. If the investor elects to take the Quick Cover coverage, 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 Quick Cover 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 on 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, effective immediately as of the date of the contract, with a full refund of premium.

Eligible Countries