Credit Insurance Policy

  • Buy Credit Insurance Policy in India

In  most  of  the  businesses,  seller  extends  credit  to  buyer  and  allows  him  to  make  payment  for  goods bought or services availed after some period of time. In these kinds of transactions there is risk of buyer not making payment on time. Credit Insurance Policy or Trade Credit Insurance Policy protects the companies against customer defaults. It covers the sales of the companies to its buyers on credit against the risk of loss due to the insolvency of their customers. Commercial Business Credit  Insurance  plays  a  vital  role  in  the  trading  cycle  of  any company  by  protecting  profit,  cash  flows, sales  growth,  the  balance  sheet  and  a  company’s  customer  base.  It is also known as Commercial Credit Insurance can  be  of  great  help  in  growth  of sales  by  allowing  the  secure  development  of  new  buyers,  new  markets  and  the  credit  extended  to  a buyer.

Scope of cover

  • Export Credit insurance covers:
  • Protracted Default or Delayed Payment by the debtors.
  • Insolvency.
  • Natural disasters like earthquake, cyclone, floods, etc.
  • Import license cancellation
  • Protracted Default on State Owned Entities
  • Any measure taken by the country where buyer is located, preventing payment of a transaction.
  • Military or civil war, revolution, riot or insurrection

Major Exclusions

  • Trade disputes
  • Non-Acceptance of goods
  • Sales to a private individual who intends to use the goods or service for non-professional purposes
  • Sales to an associate company (Political & AOG risk can be covered)
  • Sales under irrevocable and confirmed Letter of Credit
  • Loss due to Foreign currency fluctuations
  • Nuclear risks
  • A war between two or more of the following countries: France, China, Russia, the United Kingdom and the United States of America
  • A war between the Insured’s country and the country of the buyer

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