By The International Credit Insurance & Surety Association
‘A advisor to alternate credits assurance’ is a reference booklet on exchange credits coverage, written from a world viewpoint. it's a compilation of contributions from a variety of authors and reviewers drawn from ICISA member businesses. The publication presents an summary of the entire technique relating to exchange credits coverage, together with the heritage of alternate credits assurance, alternate credits assurance prone, the underwriting strategy, top rate calculation, claims dealing with, case experiences and a word list of terminology.
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Extra info for A Guide to Trade Credit Insurance
Consequences of imminent loss or overdue accounts Not only might the cover of new credit risks be influenced by imminent losses or overdue accounts, but also the cover of new orders might be affected. Apart from the insured’s obligation to notify the insurer and to ask for his intervention to collect outstanding debts, the insurer may have reason to give instructions to the insured. The insurer may also find reason to withdraw the credit limit which means end of cover for new orders. 32 A Guide to Trade Credit Insurance - Consequences of the insurer’s instructions In case the insurer wants to limit an imminent pre-credit risk loss, he needs knowhow and expertise of the trade sector concerned the goods under production, their resale possibilities, and the consequences of his instructions for the buyer, the insured and himself.
The individual policy conditions for the pre-credit risk cover should address the above mentioned considerations. Different types of pre-credit risk All these questions and circumstances lead to the development of different sorts of pre-credit risk cover, which may include one or more of the following characteristics or elements. - Incidental cover or whole turnover insurance The insured’s wishes may lead to the cover of the pre-credit risk of only single transactions or under special circumstances.
Larger trade credit insurers usually offer both types. For completeness’ sake, it is worth mentioning the so-called claims made policy. This policy type covers applications for indemnifications made during the policy’s lifetime. This type is less common in credit insurance. CHAPTER 4 Risk Types Trade credit insurance covers insured against the risk of non-payment by their buyers for goods and services delivered on credit terms. The types of risk causing the non-payment loss which trade credit insurers most commonly cover are insolvency, protracted default and political risks.
A Guide to Trade Credit Insurance by The International Credit Insurance & Surety Association