The Art of Protecting Your Business
Cover
What cover is provided?
Insolvency: Where a company goes out of business. Claim payments due to Insolvency will normally be made within 30 days of confirmation of debt.
Protracted default: Where a UK company fails to pay invoices, a claim will be paid when you have a County Court Judgment awarded in your favour or where a non UK company fails 6 months after the due date of the invoices. We cover not only UK debtors but also debtors in many overseas countries.
How does it work? - It´s very simple
Step 1
We will ask you for some basic information and provide you, free of charge, with a quote and an initial assessment of your top 10 customer limits.
Step 2
Once you are comfortable with our quotation, you will be provided with a link to our on-line system where you can request limits on your customers and manage the facility. The system is interactive, providing you with direct communication with limit underwriters.
Step 3
There are reporting requirements for you to feed back information on overdue debts (standard terms + 60 days) via the on-line system. This is a very simple procedure, which should take you no more than 15 minutes per month.
Exclusions, limitations and restrictions
- Cash or consumer credit sales.
- Sales to government buyers in the UK.
- Sales to associated companies or a company where you have a shareholding or financial interest.
- Sales where a valid credit limit has not been issued for one of your customers.
- Sales made on a consignment stock basis.
This insurance is arranged by Lloyds TSB Commercial Finance Limited and underwritten by AIG UK Limited. Lloyds TSB Commercial Finance Limited is an appointed representative of AIG UK Limited. (FSA Register number 202628), The AIG Building, 58 Fenchurch Street, London EC3M 4AB, which is authorised and regulated by the Financial Services Authority. AIG UK Limited is a member company of American International Group, Inc.
