By The International Credit Insurance & Surety Association
‘A consultant to exchange credits assurance’ is a reference ebook on exchange 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 booklet offers an summary of the total strategy concerning exchange credits coverage, together with the background of exchange credits assurance, exchange credits assurance prone, the underwriting procedure, top rate calculation, claims dealing with, case experiences and a word list of terminology.
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Additional resources for A Guide to Trade Credit Insurance
Terms and conditions of insolvency cover may vary somewhat from insurer to insurer. For example, it is sometimes required that the debt is lodged in the insolvent estate and acknowledged, before the insurer proceeds to indemnify the insured’s loss. 22 A Guide to Trade Credit Insurance Also, the policy’s insolvency cover definition may include events that the trade credit insurer deems comparable to insolvency, for example, an extrajudicial settlement with all or the majority of the buyer’s creditors or the execution of a court judgement that fails to satisfy the amount owing or the situation that starting an insolvency procedure against the buyer will have no cost effective result due to the buyer’s weak financial position.
This implies that other causes of loss are excluded from the cover. Other insurers do not apply this restriction. - 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.
The reason for this is that the insured and the buyer have an interest or control in each other and this could lead to manipulative payments to the detriment of the insurer and could have a negative influence on recovery actions. g. non-business) are excluded from the policy since trade credit insurance is a typical business-to-business insurance. Finally, interest or penalties that the insured may be entitled to (contractually or otherwise) do not qualify for indemnification. Pre-credit risks The buyer may become insolvent before the goods are delivered or may not be able to receive the ordered goods.