A Guide to Trade Credit Insurance by The International Credit Insurance & Surety Association

By The International Credit Insurance & Surety Association

‘A consultant to alternate credits coverage’ is a reference ebook on alternate credits assurance, written from a global viewpoint. it's a compilation of contributions from numerous authors and reviewers drawn from ICISA member businesses. The publication offers an summary of the complete method concerning alternate credits assurance, together with the heritage of exchange credits coverage, alternate credits coverage companies, the underwriting procedure, top class calculation, claims dealing with, case stories and a thesaurus of terminology.

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The types of risk causing the non-payment loss which trade credit insurers most commonly cover are insolvency, protracted default and political risks. Covered risks and causes of loss Insolvency can be defined as the institution of a judicial or administrative procedure whereby the assets and affairs of a legal entity (the buyer) are made subject to control or supervision by the court or a person or body appointed by the court or by law, for the purpose of reorganization or liquidation of the buyer or of the rescheduling, settlement or suspension of payment of its debts.

Having successfully negotiated and agreed on terms and conditions of a trade credit insurance policy for a certain insurance period, the quality of the insurer’s policy management and his customer service are decisive for the insured’s satisfaction and willingness at the end of the insurance period to renew the policy or extend the insurance period. The job of the insurer’s account manager who is the day-to-day contact for the insured and/or broker starts taking care of the following issues to establish the policy and make it workable for both parties: • the policy has to be physically issued by the insurer, sent to the insured and/or broker, countersigned and returned (one copy) to the insurer; • all credit limits promised during the negotiation phase have to be properly issued on credit limit documents; • operational staff of the insured have to be well informed on policy rules and trained in policy handling for enabling them to fulfil the obligations of the insured (among them: when and how to communicate with the insurer for new credit limit applications, for turnover or outstanding balance declarations, for non-payment notifications and claims notifications); • access to the online system of the insurer (if there is any) has to be made technically available for the operational staff of the insured.

Advantages for the insurer When insuring the pre-credit risk there is an earlier involvement of the insurer with the insured transaction, and more premium is received than under trade credit insurance only. Extra attention for: - Commencement of the pre-credit risk and the credit risk It should be clearly stipulated whether the pre-credit risk cover starts at the moment of acceptance of the order or when costs are made. Especially for the insurance of debts related to services it should be clear when the credit risk begins.

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