Trade Credit Insurance
Who needs Trade Credit?
If you are selling goods and services on credit terms (e.g. offering 30 days to pay) you are vulnerable to bad debts and should consider the protection of Trade Credit insurance.What does it cover?
The non-payment of trade debts following insolvency (e.g. receivership, liquidation, and bankruptcy) and protracted default. If the trade debt is from an export transaction, the additional contract repudiation and various political risks can be included.Can it help my credit management?
Yes, it’s designed to complement and support good credit management and help you trade with confidence.How much does it cost?
Premiums are usually calculated as a percentage of your turnover and are reflective of your industry, your debtors’ quality and whether your customers are local or international. We will tailor a solution to meet both your risk coverage requirements and budget. We can also look at cost effective premiums for SME’s.What information do you need to give me a quote?
We need to know about the industry and location of your larger debtors, terms of payment, history of bad debts and the credit control processes. This is all set out in our easy to complete proposal form. Click hereWhen are claims paid?
Claims are usually payable 30 days from receipt of the Confirmation of Debt from the insolvency practitioner and of course on receipt of all documentation. Protracted default claims have a waiting period and require evidence of action taken to receive the amounts owed. We are there to help you have your claim paid as soon as possible.
Will you help with debt collection when a customer doesn’t pay on time? Yes, we can recommend a collection agency that is experienced with insured debts and understand credit insurance policies. Often, our underwriters have an internal collections team that you can use.Proposal Form