By The International Credit Insurance & Surety Association
‘A advisor to exchange credits assurance’ is a reference e-book on alternate 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 summary of the entire strategy concerning alternate credits coverage, together with the historical past of alternate credits assurance, alternate credits assurance services, the underwriting method, top class calculation, claims dealing with, case experiences and a word list of terminology.
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Additional resources for A Guide to Trade Credit Insurance
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.
In countries where the cover of pre-credit risk is not common, policy clauses were developed that provide for maintained cover after a reduction or withdrawal of the credit limit, when binding contracts or pending orders may oblige the insured to deliver. Under these clauses cover depends on the insurer’s incidental approval for delivery. - 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.
30 A Guide to Trade Credit Insurance - Basis for the calculation of premium As indicated above, there are several conditions for declaration which (may) result in charging premium. Factors which may determine the premium rate or surcharge for pre-credit risk cover are the following: • the length of the period of delivery This is the period between acceptance of the order and delivery of the goods. The longer this period, the higher the premium or surcharge. For some insurers this period starts at the acceptance of the order, because they cover the pre-credit risk with respect to the order.
A Guide to Trade Credit Insurance by The International Credit Insurance & Surety Association