Frequently Asked Questions

 

 

 

Frequently asked questions – TCI / ARI

 

Q: Do I need to report my sales?

Yes, monthly, quarterly or annual report of sales is required depending on your business activities.

 

Q: When should I file a claim?

If your customer has filed insolvency, you can file claim immediately. Claims can be filed 60 days after customer’s due date but no later than 120 days.

 

Q: What do I do if a payment is received from a customer after claim is submitted?

Any change in the debt balance after claim submission is required to be reported directly to us at 1-877-213-4545 or cover@getcreditinsurance.ca  

 

 

Q: What happens if my customer disputes the amount owing to me?

It is very important for the loss amount to be established clearly for your shipment to be eligible for coverage under the Policy. If your customer disputes the amount owed to you at the time of the claim, any claims under your policy will not be paid.

 

In case of your customer disagreeing with the debt, attempt to resolve the     dispute and call us for assistance.

 

Q: Why not use a letter of credit?

By using credit insurance, you can sell you goods or services on much more open terms. This will make your sales easier. Unlike letter of credit, credit insurance does not use up your working capital.

 

Frequently asked questions – Contract Frustration Insurance

 

Q: How is Contract Frustration Insurance different from Accounts Receivable Insurance?

Accounts receivable insurance covers all or some receivables. Contract frustration insurance insures a specific export contract.

 

Q: How are premiums under contract frustration insurance paid?

Premiums are paid upfront and only one time.

 

Q: Is it possible to extend coverage?

Yes, coverage can be extended but additional premiums will apply.

 

Frequently asked questions – Account Performance Security Guarantee and Insurance

 

 

Q: What does account performance security guarantee cover?

Account performance security guarantee provides complete guarantee of the security held as collateral for issuing bonds.

 

Q: How much does it cost?

The fee varies depending on the validity period and customer risk rating, which is based on historical financial performance and forecast, risks associated with industry and transaction.

 

Q: Is performance security guarantee renewable?

It is subject to renewal annually.

 

Q: When should a claim be submitted?

A claim must be submitted before the demanded date of expiration.

 

Q: How long does it take to receive payment on a claim?

It takes less than 5 business days after submission of a complete application and requested documents.

 

Frequently asked questions – Political Risk Insurance

 

Q: What is it?

It is a type of insurance specially designed to protect businesses against political risks that they face while trading in foreign markets.

 

Q: How does political risk insurance work with bank loans?

It the borrower fails to repay the borrowed loan due to any direct political risk in the emerging market, full amount will be paid on filing a claim.

 

Q: What do I need to obtain political risk insurance for loans made to a state owned enterprise?

You generally require a complete unconditional guarantee from the Ministry of Finance of that country.

 

Q: What if I don’t have a Ministry of Finance guarantee?

We can still provide political risk insurance provided the credit-risk is comfortable and there is central government support.

 

Q: How much do I receive under a claim?

You receive up to 90% of the incurred losses

INSTANT QUOTE
Quote, Applications and Instructions emailed
to you Instantly. Unsure? Email Us.
* Denotes a Required Field.

Talk to a Trade Credit Expert!

WHAT INSURANCE DO YOU REQUIRE?

 
We are dedicated to the highest standards of service, leading to long-term and long-lasting business relationships,
as well as mutual growth and success.

 

UNSURE? HAVE QUESTIONS?

Let us help guide you through the surety bond Process.

 

CONTACT US NOW