By The International Credit Insurance & Surety Association
‘A advisor to alternate credits coverage’ is a reference booklet on alternate credits coverage, written from a global standpoint. it's a compilation of contributions from quite a few authors and reviewers drawn from ICISA member businesses. The e-book presents an outline of the entire approach concerning alternate credits assurance, together with the heritage of exchange credits coverage, exchange credits coverage services, the underwriting procedure, top class calculation, claims dealing with, case experiences and a thesaurus of terminology.
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Extra resources for A Guide to Trade Credit Insurance
Trade credit insurance protection partly mitigates that risk and triggers a capital release. Excluded risk and losses Apart from listing the types of risks and losses that they cover, trade credit insurance policies also describe the risks and losses that are not covered by the insurance. In case a non-payment of the trade debt is related to a dispute between seller and buyer, trade credit insurers deny liability for the loss, until and to the extent that the dispute is resolved in favour of the insured and the buyer perseveres in non-payment of the final amount that parties agreed.
Does the insured believe it will be easy to sell the goods elsewhere, when the buyer cannot or does not want to accept the goods at delivery? The insured will be less concerned about the possible need for re-sale for standard than for goods made according to the specifications of the buyer. For the insurer: Is the insurer prepared to extend cover of a trade credit insurance policy by adding the cover of pre-credit risk? The willingness 26 A Guide to Trade Credit Insurance will depend on the trade sector of the insured, the nature of the goods to be supplied, the length of the pre-credit period (between acceptance of the order and delivery) and the resale possibilities of the non-accepted goods.
Protracted default In case the goods to be delivered cannot be accepted by the buyer within the waiting period for protracted default, which in case of pre-credit risk cover is deemed to start upon expiry of the agreed term for delivery, some insurers provide for cover of the pre-credit risk, even when the buyer is not insolvent. In addition, pre-credit insurance can protect against political risks before delivery, for example when the country of the buyer prevents the delivery of the goods to the buyer.