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Protect your business finances with trade credit insurance
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Protects the company’s P&L and Balance Sheet against bad debt
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Helps in expanding business with ability to provide risk ratings to new customers
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Protect your business finances with trade credit insurance
-
Protects the company’s P&L and Balance Sheet against bad debt
-
Helps in expanding business with ability to provide risk ratings to new customers
Trade credit insurance
Trade credit insurance is designed to cover default on receivables in both domestic and export business-to-business transactions.
Protection is available against insolvency, willful default and political risks for both domestic and cross border sales.
TCI is a complete risk management solution providing balance sheet protection, ability to sell to new and unknown customers, extend more credit to existing customers and access to funding at attractive terms.Read More
The cost of a TCI policy is almost always offset by the enhanced profits on incremental sales achieved on the back of a credit insurance program.Read Less
Plan options
Trade Credit Insurance – Domestic
Trade Credit Insurance – Export
Trade Credit Insurance – Domestic & Export
Political Risk Insurance
Scope of Cover
- Protects the company’s P&L and Balance Sheet against bad debt
- Potentially reduce and quantify bad debt provisions
- Information, Screening of clients
- Facilitate/Improve finance
- Increase profitability
- Grow sales in confidence
- Prevent losses before they occur
- Maintain cash flow, profitability and protect budgets and business plans.
- Improve credit decisions
- Collection services
Disclaimer
This advertisement contains only an indication of the cover offered. For complete details on risk factors, terms, conditions, coverages and exclusions, please read the sales brochure carefully before concluding a sale.ICICI trade logo displayed above belongs to ICICI Bank and is used by ICICI Lombard GIC Ltd. under license and Lombard logo belongs to ICICI Lombard GIC Ltd. ICICI Lombard General Insurance Company Limited, ICICI Lombard House, 414, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025. . IRDA Reg.No.115. Toll Free 1800 2666. Fax No – 022 61961323. CIN (L67200MH2000PLC129408). customersupport@iciclombard.com. www.icicilombard.com. Trade Credit Insurance. 4031. UIN: ICI-CR-P12-08-V01-11-12.
FREQUENTLY ASKED QUESTIONS
What is Trade Credit Insurance?
Trade Credit Insurance is Insurance of Account Receivables for trade done on open account or Clean Credit
How does Trade Credit Insurance help?
Benefits to Insured
- Provides protection against Payment Default by Buyers due to Commercial Risk, Insolvency and or Political Risk (in case of Exports only)
- Provides Protection against Account Receivables which are 30-60% of Current Assets
- Enables one to expand business to new markets on Open Account from day one if the Buyer is approved by Insurer
Benefits to Bank or NBFC
- Benefit from Assignment of Proceeds of Claims of your Client’s policy
- By insuring your Client’s Cashflow, mitigate risk of delayed payments to you by your Client’s
- Benefit from Insurer’s ability to provide Risk Rating of your Client’s Buyers, thereby able to justify/restrict advances
Who can take Trade Credit Insurance?
Any entity who is selling goods/services to Businesses including Proprietary of Partnership Firms on Open Account can avail Trade Credit Insurance.
Can one take Trade Credit Insurance on Domestic as well Export Business?
Yes, Trade Credit Insurance can be taken for Domestic as well Export Business. The policy operates on whole turnover basis.
Can one take Trade Credit Insurance on specific buyer?
Trade Credit Insurance needs to be taken on all the Buyers with whom a seller is doing business on Credit and not specific ones. There is no option for choosing specific buyers amongst the entire set of buyers. However, an insured can opt for insuring his all credit turnover from a particular segment/product/country
Will one’s existing Clients who are having overdue be covered?
No, client with existing overdue cannot be covered, however once their payments are normalized then they can be covered.
On what basis premium is charged and also do I need to pay premium on total turnover?
Computation of premium depends on certain parameters like Credit Period being offered, Insurable Turnover, Past Experience, and Debtor Concentration etc.
Premium charged on Insurable turnover i.e. Open Account /Credit Turnover only. Business done on Advance, LC, and TT is excluded from Insurable turnover
What are exclusions?
Some of the major exclusions are listed below
- Disputed Trade Transactions
- Countries which are not covered
- Sales to Sister Concerns or Subsidiaries or Government Department
- Expiry of Import and export licenses
- Third-country shipment
- Radioactive contamination
- War between the major powers
