Multibuyer Policies
Multibuyer Policies insure a reasonable spread of your international and/or domestic sales of goods and services.
All policies have:
- No credit limit fees
- No collection fees
- Secure on-line access to policy information
- Reasonable waiting periods for filing claims of 90 days after default
- Pro-rata sharing of recoveries after claim payment with our insureds
Our target customers for multibuyer products are companies that have at least $20 million in insurable domestic sales or $7 million in insurable international sales and have at least one or more credit or financial professionals on staff managing accounts receivable. Our minimum premiums are $15,000 to $20,000, depending on product choice.
Our main multibuyer policy types are as follows:
"Pay As You Go" Policy (Cancelable Limits with DCL Feature)
- Report sales and pay premium on actual shipments
- Low advance and minimum premiums
- Spread out premium payments over the full policy period
- Insured percentage of cover usually 95%
- First loss deductible
- 12 or 24 month policy periods
Country Limits Policy (Non-Cancelable Limits with DCL Feature)
- Provides "locked-in" country limits and buyer credit limits for sales made during the policy period
- Up front minimum and deposit premium based on estimated annual premium
- Insured percentage of cover usually 90%
- First loss deductible
- Low policy administration
- Certain policies may be eligible for a “No-claims/renewal” bonus provision
Key Account Policies (Non-Cancelable Limits)
- Provides "locked-in" country limits and buyer credit limits for sales made to your largest buyers during the policy period
- Covers named buyers approved by us and endorsed to the policy
- No or low deductibles
Financed Receivables Policies
These policies are issued to cover trade accounts receivable that you sell to or finance with a lender ("Designated Receivables"). You continue to service the accounts and are the policy's named insured.
Coverage applies only to those receivables actually sold or financed, and there is no requirement to insure or pay premium on other receivables. Credit limits on the buyers are generally approved by us. Receivable financings may be made with or without recourse. At the time of claim payment, the insured must be in a position to assign the receivable to us.
