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Introduction Credit Insurance

Our Credit Insurance (Globalliance) Policy is designed for companies that are selling their goods and/or services on credit to overseas buyers. This policy provides coverage to companies for outstanding receivables that are within approved credit terms, thereby protecting the Insured against non-payment risk by its buyers.

Code: Misc 31

More Details

Scope of cover

    The policy covers loss due to any or all of the following risks:
    Commercial Risk
  • Non payment by the buyer - protracted default
  • Insolvency of the buyer

  • Political Risk
  • Military or civil war, revolution, riot or insurrection
  • General moratorium on payment by the government of buyer's country
  • Cancellation of import license
  • Government decision preventing performance
  • Political events, economic difficulties, legislative or administrative measures preventing payment
  • Non payment by government buyer


    The premium is expressed as a rate in % of the insurable turnover
    Basis of premium calculation:
  • Extent of coverage sought
  • 70% / 80% / 90% of the individual bill
  • Risk rating of business sectors
  • Countries included in the portfolio
  • Insured turnover
  • Trade losses of insured


    Significant exclusions are:
  • Non-payment arising due to trade disputes
  • Sales to a private individual who intends to use the goods or service for non-professional purposes
  • Sales to an associate company (political and AOG risk can be covered)
  • Sales contracts where payment is received in advance
  • Sales under irrevocable and confirmed Letter of Credit
  • Loss due to foreign currency fluctuations
  • Nuclear risks
  • A war between two or more of the following countries: France, China, Russia, the United Kingdom and the United States of America
  • A war between the Insured's country and the country of the buyer