Logistics and Transportation

This logistics provider suffered a bad debt in excess of £350,000 which could have led to the collapse of the company.  To avoid this in the future they decided to protect the business with Trade Credit insurance.

In addition to sourcing a suitable insurer, we also facilitated a meeting between their main customer and the insurer to gain a greater insight into their business.  This is one of the many benefits you enjoy when you have trade credit insurance as insurers often have access to the decision-makers which helps them to provide you with a trustworthy source of information.

Cover has continued to be provided which has benefited the logistics company at their busiest time.  With the help of the insurer's vetting process, they also use their trade credit insurance to help to agree the payment terms required for customers and any potential new prospects.

Manufacturer of Fans

A company specialising in the manufacture of industrial fans was facing difficulty obtaining sufficient cover on certain customers with their existing insurer. They had insurance linked to their invoice finance facility, which typically means a standard policy with one insurer which may not be as comprehensive as required.  On this occasion, the previous Trade Credit insurance policy did not cover the cost of materials and labour for the work in progress.

We were quickly able to approach insurers and obtain a quotation which was significantly less than the cost of the insurance included within their invoice finance facility.  In addition, this covered all of their customers and included a ‘Work In Progress’ endorsement which covers labour before an invoice is issued.

Where a separate policy is arranged by your business, the invoice finance company's interest is noted on the policy and they will continue to provide funding for the insured customers. We can help you grow because we take time to understand your business, creating a bespoke policy which will help to avoid unforeseen cash flow issues.

Wholesale Food Distributor

When a food wholesaler’s insurer began reducing and cancelling cover on some of their key customers, they turned to us to help. The situation meant the company, which processes and distributes food to UK and overseas buyers ranging from large supermarkets to small local businesses, had been left with a large amount of their turnover uninsured.

After contacting all suitable insurers, we found an insurer who provided cover on their main concerns. We worked closely with the insurer and the client. Specialist knowledge of the sector resulted in the insurer’s food sector underwriter calling the client up directly.  Although the main customers were vetted during the quotation stage, the insurer offered a “no quibble” 30-day cancellation policy should they be dissatisfied for any reason during the first month.

This meant the company were able to obtain a bespoke policy which also included subsidiaries which were previously insured in other countries.

Construction Company

Doing business with customers you are not familiar with has its pitfalls, but it’s also an area which presents an enormous amount of potential for companies looking to grow. One of our clients is a structural steelwork fabricator who was concerned about the level of risk involved when dealing with a company they didn’t know. Fortunately, our comprehensive knowledge of the construction sector meant we were quickly able to find a way forward for the company.

We worked with an insurer to establish that, although there was risk involved, there were other higher risk customers and the policyholder was provided with inside information as to why this was the case. After visiting the company and analysing the contract, it appeared there were certain clauses stating the buyer was not responsible for payment unless they themselves had been paid (i.e. paid when paid clause). They also required Work in Progress and Self-Billing extensions to be incorporated into the policy.

The subsequent growth of the business completely justified the insurance purchase, particularly as improved payment terms were secured with some of the higher risk customers. 

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