First of all, you make sure you have a credit limit on your customer by one of two ways:
1 – by applying to the insurer for the amount of cover you need or
2 – by setting your own Discretionary Credit Limit by using your previous trading experience or a credit report from an approved status agency, up to an agreed, pre-determined amount
Secondly, if your customer has not paid you by pre-determined date (usually 30-60 days past due date) you will be required to let the insurer know and submit a claim for the outstanding amount.
If your customer becomes insolvent or enters into administration or similar event, you can submit a claim immediately for the outstanding amount
By PADMINJ|2022-02-09T11:59:12+00:00June 13th, 2017|Categories: Procedures|Comments Off on How does Credit Insurance work?
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