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

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By The International Credit Insurance & Surety Association

‘A advisor to alternate credits assurance’ is a reference ebook on exchange credits coverage, written from a world point of view. it's a compilation of contributions from numerous authors and reviewers drawn from ICISA member businesses. The booklet presents an outline of the complete method concerning exchange credits assurance, together with the background of exchange credits coverage, exchange credits assurance prone, the underwriting technique, top rate calculation, claims dealing with, case stories and a word list of terminology.

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The insured’s own suppliers may do likewise because of the insured’s own non-acceptance of goods that may have already been ordered prior to receiving the insurer’s instruction. Consequential losses and liabilities because of breach of contract are not always included in the conditions for pre-credit risk cover. Technical aspects of pre-credit risk cover Each trade credit insurer has specific conditions and systems for the insurance of pre-credit risks. Yet there are some general aspects which deserve attention in case of pre-credit risk cover.

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.

When the prospect is a member of a trade sector association and maintains a credit management policy aimed at the prevention of losses, this may be a reason for the insurer to include a premium discount in the calculation of the premium rate. 42 A Guide to Trade Credit Insurance - The objective risk Details about the portfolio of buyers will determine the premium rate to a great extent. The following elements may play a role: • the volume of turnover; • the spread of risks; • the trade sector of the buyers; • the creditworthiness of the buyers; • the possible inclusion of cover of political risks; • the buyers’ domicile(s) and respective sovereign creditworthiness; • the possible inclusion of the pre-credit risk and the average/ maximum delivery period; • a monthly declaration of whole turnover or of outstanding receivables • the credit term agreed upon with the buyers; • the effective credit term; • the loss history; • the percentage of cover applied for; • the possible inclusion of a bonus/malus arrangement; • the inclusion of deductibles such as a non-qualifying loss, an each and every first loss, a threshold or an aggregate first loss.

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