View this article online: https://www.insurancejournal.com/news/national/2012/12/05/272840.htm
Coface, a global trade credit insurer, has introduced TopLiner, a new supplemental, non-cancelable top-up cover for existing customers. The product was designed for businesses taking a more active role in managing their credit risks.
With TopLiner, Coface policyholders can view rates online, choose the amount of supplemental cover, set the duration, and bind coverage in real time. TopLiner enables companies to make risk decisions without impediments like automatic renewals, billing investigations or limit fees.
Business seek top up credit insurance cover for a wide range of reasons. For example, underwriters may limit the amount of credit they extend to certain customers. Or, businesses highly dependent on just a few customers present risk concentrations that need to be addressed. Manufacturers often need an additional layer to cover the risk from very large orders. Businesses also use top-up cover to access more favorable trade finance from lenders.
According to Coface’s CEO Jean-Marc Pillu, since the financial crisis companies are becoming more aggressive when it comes to risk management.
“More and more companies now say that they are willing to be charged according to the quality of the risk. This reflects an increasing customer awareness of risk intensification and a need for greater flexibility in line with the unstable economic environment,” he said.
TopLiner covers up to $5 million. Coverage duration is between 30 to 90 days. The product will be available in select U.S. states beginning in January.