This is a policy that allows you to cover your local buyers.
Covers payments for your credit sales from date of delivery
Available to businesses selling goods or services on credit basis, with an established credit control department or credit management processes in place.
Non Payment of an insured debt due to:
1. Insolvency of your insured buyer, which means any of the following events granted against your insured buyer
2. Protracted Default: which is the failure of your buyer to effect payment for an undisputed debt within six months after due date.
3. Political Risks (these only applies to the Export Trade Credit Policy)
Whole Book: You offer your entire debtors book for cover
Names or Selected Buyers: You may wish to cover specific buyers or selection of buyers. You must remember the greater your selection, the greater the impact could be on the premium charged.
Franchise Loss: Select a level where you are comfortable and offer a cover for your buyers above this level.
Insured Percentage: The percentage of the insured debt that will be paid by BECI in the event of loss.
Annual aggregate retention: Using provisional available, you may wish to carry an accumulation of losses for your own account but, knowing that once the provision has been exhausted, your credit insurance credit policy will respond. It will also result in a greater saving in premium charged.
The following only applies to EXPORT TRADE CREDIT POLICY
All Markets: You offer all your exports to buyers in all your markets for cover
Selected Markets: You offer all your exports buyers in selected countries for cover.
Fees Payable: A credit limit fee is payable in respect of each credit limit annexure in force at the end of each month.
-any actual /alleged breach of contract by you
-any dispute relating to an insured contract resulting in nonpayment, until such time as the dispute is resolved.