By The International Credit Insurance & Surety Association
‘A consultant to alternate credits assurance’ is a reference booklet on exchange credits assurance, written from a world point of view. it's a compilation of contributions from a variety of authors and reviewers drawn from ICISA member businesses. The ebook offers an summary of the total procedure concerning exchange credits coverage, together with the historical past of alternate credits assurance, exchange credits coverage services, the underwriting approach, top rate calculation, claims dealing with, case experiences and a thesaurus of terminology.
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Additional resources for A Guide to Trade Credit Insurance
Advantages for the insured The inclusion of pre-credit risk cover offers many advantages to the insured. It is an extension of cover which makes the policy more attractive as collateral, as when the policy claim indemnification Risk Types 33 has been assigned to a bank that has financed the insured’s credit transactions. Because the insurance cover starts earlier than delivery, there is an earlier signal of imminent losses. The insured as well as the insurer have a mutual obligation to be alert in case of a deterioration of the buyer’s creditworthiness before delivery.
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.
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.
A Guide to Trade Credit Insurance by The International Credit Insurance & Surety Association