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

By The International Credit Insurance & Surety Association

ISBN-10: 1783084820

ISBN-13: 9781783084821

‘A advisor to alternate credits assurance’ is a reference booklet on exchange credits assurance, written from a global point of view. it's a compilation of contributions from a number of authors and reviewers drawn from ICISA member businesses. The publication presents an outline of the entire approach relating to alternate credits assurance, together with the background of alternate credits coverage, alternate credits assurance services, the underwriting strategy, top rate calculation, claims dealing with, case experiences and a thesaurus of terminology.

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Important considerations include: For the insured: Is the insured aware of the pre-credit risk and wants to insure this risk? 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?

Vegetables and fruit), as well as goods with a highly volatile sales price such as crude oil, and gold. 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).

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.

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

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