What is Trade Credit Insurance?
Trade Credit insurance offers you protection against the non-payment of debts by your debtors in both local and foreign markets.
- Improved sales: Increase in sales by offering your customers and prospects more favorable credit terms.
- Cash flow relief: It protects your cash flow by replacing cash promptly, should any customer’s insolvency or payment default occur.
- Access to new markets: The cover offers you protection against unique export risks by providing market knowledge needed to make informed decisions in foreign markets.
- Facilitate bank financing: Banks are likely to offer you more extensive credit facilities on more favorable terms if your debtors are credit insured.
Step 1: Fill in application forms
Step 2: Submit current debtors aging analysis
Step 3: Provide the latest Audited Financial Statements
Step 4: Make premium payments
Below is a step by step process on how to apply for the cover:
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If you are interested in learning more about trade credit insurance, give us a call today.
- Disputed debts
- Changes in exchange rates
- Any actual/alleged breach of contract by you
- Any shipments made against payment under a letter of credit, confirmed before shipment, by a bank in Kenya.
- Physical damage to goods
- Credit advanced to individuals and governments or government bodies
- Businesses that sell goods or render a service to other businesses on credit terms.
- Those with credit terms less than 180 days.
- Bankruptcy protection: In regards to sales made on credit terms, the policy protects organizations from the risk of a customer defaulting or inability to pay.
- Collection services: Trade Credit Insurance provides access to cost-effective collection services.
We will also cover the following: