By The International Credit Insurance & Surety Association
‘A advisor to alternate credits assurance’ is a reference ebook on alternate credits coverage, written from a world point of view. it's a compilation of contributions from a number of authors and reviewers drawn from ICISA member businesses. The booklet offers an summary of the total approach relating to exchange credits coverage, together with the heritage of alternate credits coverage, exchange credits assurance prone, the underwriting method, top class calculation, claims dealing with, case experiences and a word list of terminology.
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Extra info for A Guide to Trade Credit Insurance
In the case of the latter, is it necessary to give retrospective cover for these orders or are they insured by the preceding insurer? - Consequences of withdrawal of cover on a buyer or a country When the cover on a buyer or a country is withdrawn, this is mostly applicable for all credit limits established for that buyer or for all buyers in the country concerned. Some insurers get in touch with the insured that has a policy including pre-credit risk cover and ask whether there are orders in portfolio for these buyer(s).
CHAPTER 4 Risk Types Trade credit insurance covers insured against the risk of non-payment by their buyers for goods and services delivered on credit terms. The types of risk causing the non-payment loss which trade credit insurers most commonly cover are insolvency, protracted default and political risks. Covered risks and causes of loss Insolvency can be defined as the institution of a judicial or administrative procedure whereby the assets and affairs of a legal entity (the buyer) are made subject to control or supervision by the court or a person or body appointed by the court or by law, for the purpose of reorganization or liquidation of the buyer or of the rescheduling, settlement or suspension of payment of its debts.
The insurer may also find reason to withdraw the credit limit which means end of cover for new orders. 32 A Guide to Trade Credit Insurance - Consequences of the insurer’s instructions In case the insurer wants to limit an imminent pre-credit risk loss, he needs knowhow and expertise of the trade sector concerned the goods under production, their resale possibilities, and the consequences of his instructions for the buyer, the insured and himself. - Conflict of interests The parties involved in the pre-credit risk have different interests: the insured wants to complete a profitable transaction; the buyer wants to receive the goods it is entitled to; and the insurer wants to limit its losses.
A Guide to Trade Credit Insurance by The International Credit Insurance & Surety Association