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 standpoint. it's a compilation of contributions from a number of authors and reviewers drawn from ICISA member businesses. The ebook presents an outline of the entire strategy concerning alternate credits assurance, together with the background of alternate credits coverage, exchange credits coverage services, the underwriting technique, top rate calculation, claims dealing with, case stories and a thesaurus of terminology.
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Additional info for A Guide to Trade Credit Insurance
These pre-credit risk causes of loss may be added to the policy conditions as an extension of the insurance beyond credit risk only. In the event the insured is in default to supply the ordered goods in time or otherwise according to the contract, this occurrence is caused by the insured itself, and a policy with pre-credit risk cover will not cover the losses arising in such circumstances. Wherever in this chapter ‘delivery’ is mentioned, this shall also mean either ‘shipment’ or ‘rendering of services’.
The premium is usually expressed as a percentage of the insured monthly turnover or of the balances open at the end of the month. e. a pre-defined premium Day-to-Day Policy Management 47 per year regardless of turnover. If applicable and/or pursuant to local regulations, the annual creditworthiness-review fees plus turnover tax/VAT (Value Added Tax) per credit limit and any insurance premium tax are paid in addition to the insurance premium. Having successfully negotiated and agreed on terms and conditions of a trade credit insurance policy for a certain insurance period, the quality of the insurer’s policy management and his customer service are decisive for the insured’s satisfaction and willingness at the end of the insurance period to renew the policy or extend the insurance period.
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. Does the insurer want to cover the insured’s liability when there is a breach of contract caused by the insured not delivering the goods because the insurer instructed that shipment be held?