A credit insurance policy provides between 80% to 100% cover against the non-payment of debts due to the insolvency or default of an insured customer. In addition, political risk cover is available to exporters selling to certain countries.
The following items describe the main causes of loss that we cover.
a number of events including administration, bankruptcy, administrative receivership and liquidation. The definitions are those used in English law or the equivalent in the customer's country.
non-payment by the customer after a specified period from due date.
protection against the restriction or delay of payments due in respect of various risks including the following: war in the customer's country, currency inconvertibility, cancellation of your export licence, cancellation of your customer's import licence, contract cancellation by your customer's government and contract frustration caused by any government.
The above should be read in conjunction with the CIFS policy wordings.