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

By The International Credit Insurance & Surety Association

‘A consultant to exchange credits assurance’ is a reference publication on exchange credits assurance, written from a global point of view. it's a compilation of contributions from numerous authors and reviewers drawn from ICISA member businesses. The ebook presents an outline of the complete method relating to alternate credits assurance, together with the heritage of exchange credits assurance, exchange credits coverage services, the underwriting strategy, top rate calculation, claims dealing with, case reports and a word list of terminology.

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What are the parameters of the insured precredit risk? The preferences of the insured, as well as the willingness of the insurer, will determine the extent of the pre-credit risk that can be insured. 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.

Other insurers may require monthly declarations of the insured amounts outstanding and charge these amounts with the premium rate. Specific premium rates may be related to certain countries, groups of countries or payment conditions agreed upon with the buyer and specified in the policy. This requires detailed and specific declarations of whole turnover of outstanding amounts. Some insurers have a system to charge premium on the total amounts of credit limits issued under a policy. The expected premium to be paid in one insurance year may be divided into monthly or quarterly instalments to be invoiced in order to maintain the insurer’s cash flow.

Trade credit insurers may also adapt their products to make them more suitable or attractive for (potential) customers in specific trade sectors. Examples could be a trade credit insurance policy for the construction sector or for the recruitment sector, where additional features are added to the policy that better capture the typical or unique trade characteristics of the sector. Trade credit insurers may have trade credit insurance products adapted to the distribution channels they are employing.

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