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

By The International Credit Insurance & Surety Association

‘A advisor to exchange credits coverage’ is a reference booklet on alternate credits assurance, written from a global viewpoint. it's a compilation of contributions from quite a few authors and reviewers drawn from ICISA member businesses. The ebook offers an outline of the entire method relating to exchange credits coverage, together with the historical past of exchange credits coverage, exchange credits assurance companies, the underwriting approach, top rate calculation, claims dealing with, case reviews and a word list of terminology.

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The specific conditions of a policy will clarify the terms to be complied with and the consequences of exceeding the terms for notification and requests for intervention. When the policy includes pre-credit cover the timetable should start at the moment of accepting the order from the buyer. Between that date and the delivery or shipment of the goods or the completion of services a manufacturing or delivery period should not exceed the maxim term mentioned in the policy. From delivery or shipment of the goods or the completion of services the credit term starts, which should not exceed the maximum credit term mentioned in the policy.

B) Selected part of the turnover As long as the risk-to-premium profile remains acceptable, trade credit insurers are usually prepared to cover a selected part of the insured’s turnover. For example: only the company’s domestic sales, only their export business or only a specific division or a particular product line (such as cover for the delivery of printers, but not for the sale of spare parts or for the maintenance and service contracts). c) Selected buyers Cover can also be restricted to the turnover made with a number of selected buyers.

The same may apply to other highly perishable or fashionable goods. • resale possibilities of the goods are of interest for the level of premium Goods delivered in packaging with the buyer’s name or label are hard or impossible to resell elsewhere, when the buyer cannot or does not want to accept the goods. • covered causes of loss In order to set the premium, it is important to know the type of insurance and which causes of loss are included: incidental cover or whole turnover insurance; discretionary limits or only limits set by the insurer; binding contracts/ pending orders, insolvency, protracted default, political risk, consequential losses or liabilities (see also under Different types of pre-credit risk).

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