The object of this Agreement is to regulate the reciprocal obligations of export credit insurers of the European Economic Community in cases where ... the principal contractor's credit insurer (hereinafter called'the principal insurer') and the credit insurer(s) of the subcontractor(s) (hereinafter called'the joint insurer(s)') are prepared to guarantee, each according to the usual terms of his policy, the portion of the operation carried out in their respective countries against the risks defined by them in each individual agreement.
For example, NCM Credit Insurance, a leading European credit insurer, reported that losses on exports to Spain have risen 805 per cent between 1987 and 1992.
