By The International Credit Insurance & Surety Association
‘A consultant to exchange credits coverage’ is a reference ebook on exchange credits coverage, written from a global viewpoint. it's a compilation of contributions from a number of authors and reviewers drawn from ICISA member businesses. The publication presents an summary of the complete approach concerning exchange credits assurance, together with the historical past of alternate credits coverage, alternate 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
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.
CHAPTER 7 Day-to-Day Policy Management Companies invest in trade credit insurance for a variety of reasons, including: • Sales expansion – If receivables are insured, a company can safely sell more to existing buyers, or go after new buyers that may have been felt to be too risky without insurance. • Expansion into new international markets. • Better financing terms – In many cases a bank will lend more capital against insured receivables and may also reduce the cost of funds. • Reduce bad-debt reserves – This frees up cash for the company.
Or the policies may have been adapted to be bundled with other types of business insurance. Large companies with a well-established credit management process may not be interested in a traditional whole turnover policy, but may be only looking for support of their credit management with insurance for the situation where their losses exceed the frequency or severity level that they can cope with themselves. Excess-of-loss or catastrophe cover policies provide such cover. These policies only pay out an indemnification above a considerable first loss amount that the company has to bear itself.
A Guide to Trade Credit Insurance by The International Credit Insurance & Surety Association