Zurich in North America has increased its trade credit insurance capacity to meet the needs of customers across the globe.
For customers in the short term trade credit segment, Zurich has increased capacity for an individual buyer from $82.5 million per policy to $100 million per policy and policy limit of liability per customer from $150 million to $250 million. For structured trade credit customers, Zurich has increased available limits for a single buyer or obligor from $50 million to $75 million, retaining the ability to commit coverage for up to seven years.
Thurber said trade credit insurance is designed to help companies mitigate financial risk by offering insurance protection for the nonpayment of commercial accounts receivable – and, in the case of banks, loans and other assets – from unexpected and catastrophic losses due to insolvency, protracted default and political risks.
Thurber said that in addition to the increased capacity, Zurich’s Trade Credit policies offer:
- Non-cancellable limits – Zurich credit limits are in force for the duration of the policy period; once a limit is approved, it cannot be withdrawn or reduced mid-term
- Flexible coverage – Available for both domestic and export sales and financings
- Flexible and customized underwriting approach – Zurich’s policies are tailored to help meet the needs of a business’ profile and operating environment
- Policy types – Whole turnover (excess of loss), key account, single buyer or borrower, top up (excess of primary), multi-insurer syndicated programs and receivable purchase programs
- Global capabilities – Ability to roll-up international policies under one global policy or issue separate policies written on local or non-admitted Zurich entity paper