What cover is provided?
Insolvency: Where a company goes out of business. Claim payments due to Insolvency will normally be made within 30 days of confirmation of debt.
Protracted default: Where a UK company fails to pay invoices, a claim will be paid when you have a County Court Judgment awarded in your favour or where a non UK company fails 6 months after the due date of the invoices. We cover not only UK debtors but also debtors in many overseas countries.
How does it work? - It´s very simple
Step 1
We will ask you for some basic information and provide you, free of charge, with a quote and an initial assessment of your top 10 customer limits.
Step 2
Once you are comfortable with our quotation, you will be provided with a link to our on-line system where you can request limits on your customers and manage the facility. The system is interactive, providing you with direct communication with limit underwriters.
Step 3
There are reporting requirements for you to feed back information on overdue debts (standard terms + 60 days) via the on-line system. This is a very simple procedure, which should take you no more than 15 minutes per month.
Exclusions, limitations and restrictions
- Cash or consumer credit sales.
- Sales to government buyers in the UK.
- Sales to associated companies or a company where you have a shareholding or financial interest.
- Sales where a valid credit limit has not been issued for one of your customers.
- Sales made on a consignment stock basis.