What happens if I can't get cover on my customers?
If we are unable to provide cover at least 55% of your insurable ledger within 30 days of signing the policy document then we will, if requested, cancel the policy and refund premium paid. All we ask is that you contact us and discuss your concerns.
Am I locked into the policy?
No. You can terminate the policy by giving 30 days notice.
What if you cancel a limit on my customer?
We will give you 5 days notice of any limit reduction, any invoices outstanding at this point will continue to be covered up to the value of the limit, subject to the policy terms and conditions.
What if I need to speak to someone about my policy?
You can call us on 0800 587 5180, between 8:30 and 5:30, Monday to Friday on any business day. If the line is busy or outside these hours you will be directed to voice mail. We promise to call you back once an operator is free and in any case by 10:00am on the next business day. You can also email us on debtor.insurance@ltsbcf.co.uk and ask us to call you.
If my business grows will I have to pay more?
We will not charge you any additional premium if your business grows less than 20% of the turnover you estimated you would achieve in the policy year. We will use the actual turnover achieved in the last year to calculate premium payable in the forthcoming year. Whatever happens we will always discuss premium and customer limit charges with you.
I sell to local government, will I be charged for this turnover?
No. Any government debt including government departments, local authorities and schools are excluded and you need to tell us what value you estimate this to be. We will ask you to confirm the actual sales at year end.
I am sometimes asked to give extended terms of payment, what should I do?
You may grant one extension of the due date, provided that this period does not exceed 60 days to an existing customer, if you give longer than your usual terms to a new customer, please contact us before you commiting.
What is the difference between Debtor Insurance and Trade Credit Insurance?
There is no difference; Trade Credit Insurance is an alternative term for Debtor Insurance.