CREDIT INSURANCE STRUCTURE

Parameters that can be included in your credit insurance policy:

  • Annual aggregate deductible:
    Your company absorbs the first level of loss up to the deductible, then the insurance is initiated. The deductible usually covers the expected level of loss based on past history.

  • Per buyer deductible:
    Again this requires you to absorb the first loss for each buyer until the insurer comes into play.

  • Co-insurance %:
    You share the percentage of the insurance claim after deductibles are reached. The percentage rate is pre-set.

  • Non qualifying loss:
    Fixed amount of small losses which are not covered by the insurance policy. Once this amount is exceeded, policy comes into practice.

  • Discretionary credit limit:
    You have the autonomy to grant a credit limit to your customers up to the level stipulated in the contract. Above this, you should request a credit limit from the insurance company.

  • Premium:
    Depending on the type of policies the premium can be based on either the annual insurable turnover and paid on a monthly/quarterly/annual basis, or on the level of risks defined by the above parameters and paid annually.
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