Trade Credit Insurance

Protection against specified non-payment by business customers.

What this type of cover does

Can indemnify an insured seller for covered receivables after buyer insolvency or prolonged default.

Who commonly considers it

Businesses selling goods or services on credit terms.

What to check in the policy

Registered name and IRDAI registration details of the insurer or intermediary
Who is insured, when cover starts and when it ends
Sum insured or benefit amount, deductibles, co-payments and sub-limits
Waiting periods, exclusions, claim conditions and cancellation terms
Premium amount, taxes, renewal rules and consequences of missed payment
Claim contact details and the insurer’s grievance-redressal process

Features vary by insurer and product. A generic plan type cannot tell you whether a particular claim will be paid; only the issued policy wording can do that.

Independent checks

Confirm the provider’s registration and read the customer information sheet and full wording before paying.

Open IRDAI

Also under Specialty Insurance

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