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 publication on alternate credits coverage, written from a global 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 strategy concerning exchange credits assurance, together with the background of alternate credits assurance, alternate credits coverage companies, the underwriting procedure, top rate calculation, claims dealing with, case reviews and a word list of terminology.

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From delivery or shipment of the goods or the completion of services the credit term starts, which should not exceed the maximum credit term mentioned in the policy.

Only pre-credit risk cover in case of insolvency Some insurers confine the pre-credit risk cover to the cases of the buyer’s insolvency before delivery of goods or completion of the services. This implies that other causes of loss are excluded from the cover. Other insurers do not apply this restriction. - Protracted default In case the goods to be delivered cannot be accepted by the buyer within the waiting period for protracted default, which in case of pre-credit risk cover is deemed to start upon expiry of the agreed term for delivery, some insurers provide for cover of the pre-credit risk, even when the buyer is not insolvent.

An example to illustrate the difference between these two insurance types: • The policy start date is 1 January 2011 and the policy expiry date is 31 December 2011. • The policy is not renewed. • During this insurance period, the customer ships goods on: 1) 10 September 2011 (invoice due date 10 December 2011), 2) 15 October 2011 (invoice due date 15 January 2012), 3) 20 January 2012 (invoice due date 20 March 2012). • The buyer becomes insolvent on 28 February 2012. In a risk attaching policy, the credit insurer is liable for losses regarding the shipments 1) and 2), which were done during the insurance period, but not for shipment 3), which was not shipped during the policy contract.

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