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Whats covered ...
Commercial Risk
Insolvency
Protracted Default (delayed payments)
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Whats not covered ...
> Amount exceeding credit limit approved
> Sales to Private Individuals
> Sales to an Associated Company (Direct or Indirect)
> Government Departments for Domestic Sales
> Sales on L/C, BG since they are secure sales
> Disputes If the policy holder has enough written evidence
supporting its claim, the claim is paid. If there is an element of
Grey, the claim is temporarily suspended (not rejected) and the
policy holder is asked to obtain a legal decree in its favor. If that is
achieved, the insurer indemnifies the claim.
> 85% is the indemnity , 15% is the risk of policy holder
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Common terminology
> Maximum liability
> Discretionary Credit Limit: Concept of Discretionary credit
limit, wherein the seller is covered for a certain limit on buyers
without the approval of the insurance company. This is subject
to the insurer being satisfied with credit control procedure of the
seller.
> Insured % - 85%
> Threshold: Fixed amount of INR 2,50,000/-. The claims
below this amount not considered but any amount above this
considered as claim.
> Maximum Credit Period
> Maximum Notification Period
> Claim waiting period
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Payment of the claims
> Claims are paid :
> - 5 months from the date of reporting a claim for
protracted default losses.
> 30 days in case of insolvency or bankruptcy where the
official liquidator admits the claim.
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Underwriting
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Thank You
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