By The International Credit Insurance & Surety Association

‘A consultant to exchange credits coverage’ is a reference publication on exchange credits assurance, written from a world viewpoint. it's a compilation of contributions from a number of authors and reviewers drawn from ICISA member businesses. The ebook presents an outline of the complete procedure concerning exchange credits assurance, together with the historical past of alternate credits coverage, alternate credits assurance prone, the underwriting strategy, top rate calculation, claims dealing with, case reports and a thesaurus of terminology.

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A Guide to Trade Credit Insurance

‘A consultant to exchange credits coverage’ is a reference booklet on exchange credits coverage, written from a global point of view. it's a compilation of contributions from quite a few authors and reviewers drawn from ICISA member businesses. The booklet offers an summary of the total technique relating to exchange credits coverage, together with the background of alternate credits assurance, exchange credits assurance services, the underwriting technique, top rate calculation, claims dealing with, case reports and a word list of terminology.

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18 A Guide to Trade Credit Insurance Basis of the insurance Trade credit insurance policies may be distinguished by the coverage basis of the insurance. In a risk attaching policy cover is attached to contracts where the shipment dates of the goods or the performance of the services occur within the insurance period, that is to say the commencement of coverage is determined by the point at which the risk itself commences during the policy’s lifetime. e. even if the actual loss occurs after the insurance period the insurer still is liable.

Force majeure (a natural disaster) prevents the supply of goods. The trade credit insurer withdraws cover before the goods have been delivered and instructs the insured to sell the goods elsewhere. Thus, the loss sustained by the insured may relate to the costs made in vain, or to the lower price in case of resale of the goods. These pre-credit risk causes of loss may be added to the policy conditions as an extension of the insurance beyond credit risk only. In the event the insured is in default to supply the ordered goods in time or otherwise according to the contract, this occurrence is caused by the insured itself, and a policy with pre-credit risk cover will not cover the losses arising in such circumstances.

The insurer can check the creditworthiness of the prospect and may decide whether to start a business relation or decline to make any offer. 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.

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