Credit Insurance by Miran Jus

By Miran Jus

This monograph is virtually orientated, offering a survey and clarification of credits coverage companies for cover of temporary alternate receivables basically opposed to advertisement chance of insolvency and chronic default. the subject material (i.e., major services, gains and rules of credits coverage with precise description of credits insurance, assurance stipulations, and credits insurance plans administration) follows procedural levels and offers advertisement, monetary, criminal, and sensible issues of view which emphasize the desires of either the companies of those providers and their consumers - current and capability credits insured businesses - besides as other practitioners.

  • Explains how credits coverage has replaced from an esoteric kind of estate assurance right into a versatile and regularly used credits possibility mitigation software used on a world basis
  • Compares credits assurance with self-insurance and identical substitutes
  • Describes the kinds of coverage to be had and the way to acquire and deal with credits coverage policies
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Additional resources for Credit Insurance

Example text

Basic components of credit insurance products are in fact information, and there is always a certain amount of art as well as experience that is required in credit risk assessment. Therefore, experience and information capital, a highly developed IS and an extensive database of quality and accurate data and information, including “soft information,” gathered from internal as well as primary and secondary external sources worldwide are of vital importance. This information makes the insurer to be well acquainted with the risks underwritten, that is, with the buyers and their industries as well as with the broader economic, political, and legal environment.

Otherwise, an insurer is obliged to cover accounts receivable that have come into existence after the conclusion of the insurance contract or after the date stipulated in the insurance contract as the start of the insurance coverage, as well as the accounts receivable that arose before these dates, but only on the condition that they were not due before these dates. Such overdue trade receivables can only be transferred to debt collecting agencies at big discounts. Existing risk is a precondition for an insurance contract.

In case of political or noncommercial risk cover, payment default or contract nonexecution actually cannot be prevented and direct consequences of such events are the exporters’ losses. By the insured events, the payment or another performance must be prevented, at least partly, and the insured exporter must suffer material loss as a result. Nonexhaustive list of the noncommercial risks: À Nonpayment and revoking or contract frustration by sovereign states and various public buyers and/or guarantors À War, insurrection, riots, general strikes (with clear political purpose) and other civil disturbances À Confiscation, expropriation, and nationalization (CEN) À Import/export restrictions, including embargoes À General moratorium on repayment of external debt À Debt write-off, rescheduling, or restructuring À Risk of local currency conversion into hard (convertible and freely transferable) currency and/or its transfer abroad (convertibility risk) À Other currency and exchange rate risks including market interest rate risks À Catastrophic risks—risks of natural catastrophes such as floods, volcanic eruption, earthquake, hurricane, and tidal waves.

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