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

By The International Credit Insurance & Surety Association

‘A advisor to exchange credits assurance’ is a reference publication on exchange 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 publication presents an outline of the total procedure concerning alternate credits coverage, together with the historical past of exchange credits assurance, exchange credits assurance companies, the underwriting procedure, top class calculation, claims dealing with, case reports and a thesaurus of terminology.

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With or without discretionary limits Some insurers stipulate that for the insurance of pre-credit risks only credit limits established by them will apply. Other insurers are prepared to provide this cover under discretionary limits. - Binding contracts/Pending orders In some countries pre-credit risks are only insured in case of medium or long term credits (longer than 180 days after delivery) and the delivery of capital goods. In other countries the pre-credit risk may be insured in case of short term credit (up to 180 days after Risk Types 27 delivery) and in case of delivery of consumer goods, raw materials and semi-manufactured goods.

Political risk cover in trade credit insurance includes a whole range of risks of which the common denominator is that they are beyond the scope of an individual buyer or fall outside the individual buyer’s responsibility. Political risks are loss-causing events related to the country of the buyer. Hence they are also called country risks. The precise scope of the political risk cover depends on the terms of the individual insurer’s policy wording – for example, some credit insurers may extend political risk cover to events occurring outside the seller’s or buyer’s country (a cover of risks caused by so called ‘third countries’) – but in general political risk cover includes all or a selection of the following occurrences: • payment-stops decreed by the government; • transfer delays, foreign currency shortages and inconvertibility of currency; • violence such as war, martial law, civil unrest, insurrection, rebellion, revolution or riot; • cancellation or non-renewal of import or export licenses, import embargo; • confiscation of goods by the government; • governmental measures that prevent the performance of a trade contract.

The premium rate is attractive, when compared to the premium the insured pays for the insurance of the credit risk. Usually, for the insurance of the pre-credit risk with a delivery period of, say, 3 months a percentage of the premium applicable for a credit term of 3 months is charged for the insurance of the pre-credit risk. Alternatively, sometimes a lump sum of additional premium is charged for pre-credit risk cover By providing extended cover, there is a deeper involvement of the insurer with the risk.

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