Trade credit Insurance (TCI) is designed to protect your business from the risk of nonpayment by debtors. TCI is financial risk management tools that protects company’s unsecured debt and provide mechanism to transfer the financial consequences presented by a range of commercial risks to the Insurance Company.
This type of insurance covers your company's domestic and/or Export sales which are essentially non LC and mitigates the risk of non-payment; i.e. if your buyer defaults then the insurance company would make good the agreed indemnification (80- 90%) of this loss
Buyer fails to pay, but not declared insolvent / bankrupt
Buyer legally declared Insolvent / bankrupt. .
Currency Inconvertibility /Non-transfer (Only for overseas receivables)