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Wholeturnover Policy (APG)    

Insuring exports as exporter

We support you in protecting short-term accounts receivable

You are looking for a cost-effective and easily manageable way to protect short-term receivables with payment periods of up to 12 months? Our Wholeturnover Policy (APG) will be the ideal tool for that. This form of Hermes Cover enables German exporters to insure short-term receivables due in respect of the supply of goods and services abroad to numerous buyers in different countries.


Good to know: You can find out whether this form of cover is suitable for your transaction in question by answering just five questions for our feasibility check. Besides, you will receive an indication as to the amount of the premium payable in the course of our online application process, that is before actually submitting an application for cover.

Wholeturnover Policy at a glance

Target group

German export firms with a coverable annual export turnover of at least EUR 500,000 spread over different markets


Term of the covered transactions

Short-term (up to 12 months)


Insurable risks

A Wholeturnover Policy offers protection against payment default, particularly if

  • the foreign buyer becomes insolvent
  • the foreign buyer fails to make payment within 6 months after due date (protracted default)
  • adverse measures are taken by foreign governments or warlike events arise
  • amounts in local currency cannot be converted and/or transferred
  • goods are confiscated due to political circumstances
  • contract performance becomes impossible due to political circumstances

Special features

The APG-Online-Service (German version only) makes the handling of a Wholeturnover Policy even easier and faster.

As a rule, cover facilities are available for all countries, with the exception of exports on credit terms of up to two years to EU and core OECD member states (i.e. EU member states, Australia, Canada, Iceland Japan, New Zealand, Norway, Switzerland, United Kingdom and USA).



  • Individually calculated percentage of the monthly turnover which will be fixed for the entire policy period
  • The individual claims record is taken into account through a system of discounts and surcharges (Bonus-Malus-System) (with effect from the third policy year). In the case of a change from a Wholeturnover Policy in a Wholeturnover Policy Light and vice versa the premium discount/surcharge level reached will be transferred to the new policy.
  • Additional handling fees will not be charged, however, a contract fee will be payable as soon as limits for risks which are temporarily not marketable are fixed or are applied for (siehe AGA-Report Nr. 223, German version only).
  • Option of paying premium by direct debit


Uninsured portion

  • 10% for political as well as commercial risks. The uninsured portion can be reduced upon application to 5% against the payment of a premium surcharge


Supplementary cover

If required, cover under a Wholeturnover Policy can be supplemented with

APG: your advantages at a glance 


With a feasibility check (DE) you can easily find out whether a Wholeturnover Policy is suitable as cover for your transaction.


Our Wholeturnover Policy can be supplemented with many other forms of cover – for example manufacturing risk cover, confiscation risk cover, contract bond cover or a Counter-Guarantee – in order to augment the protection against risks.

How does wholeturnover cover work? 

By taking out a Wholeturnover Policy, an exporter can protect foreign trade receivables due in respect of the supply of goods and services abroad to numerous customers in different countries with a maximum credit period of 12 months.

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FAQs Wholeturnover Policy 

What supplementary cover is available? 

If need be, a Wholeturnover Policy can be supplemented with

What is the difference between a Wholeturnover Policy Light and a Wholeturnover Policy? 

Under a Wholeturnover Policy Light the payment period for the covered receivables is up to four months – under a Wholeturnover Policy, however, up to 12 months.

Do all trade receivables from foreign buyers have to be included?

A Wholeturnover Policy can be largely tailored to the individual needs of the exporter. He decides which of the coverable countries are to be covered. The only condition is that a certain minimal mix of risks must be included. Once a country is included, all amounts due from private sector customers in the country which are eligible for cover must be presented for cover as soon as the amount due from one and the same customer exceeds the declaration limit of EUR 15,000. Turnover below this limit can be optionally included. Receivables secured by letter of credit, turnover with foreign affiliates (especially subsidiaries) and amounts due from public buyers can – for each policy period and country – also be optionally included in the Wholeturnover Policy.

What horizon of risk is covered?

A Wholeturnover Policy runs for one year. Approximately two months before it is due to expire, the Federal Government makes an offer of renewal to the exporter. Cover for the individual amounts receivable begins as from the date of shipment or start of the service performance. The precondition for this is, however, that there is room for the receivables under the limit on the day of shipment or service performance or that the receivables are included in the cover at a later date. The Federal Government is liable for an insured account until it has been paid in full.

Can a Wholeturnover Policy be used for refinancing purposes?

The benefit of the Wholeturnover Policy can be assigned – either alone or together with the export receivables – to banks or forfaiting houses for refinancing purposes.

Do you have any additional questions regarding a Wholeturnover Policy? 

Our experts will be pleased to answer any questions regarding a Wholeturnover Policy and will guide you step by step through the application process if desired.

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International Business Development | Financing expert, Türkiye German ECA Desk