Top up cover

Top up cover is a supplementary insurance solution to ICIC policyholders who are interested in increasing their insured credit covers. The cover is given through reinsurers of ICIC, both to exporters and to insured operating in the local market.

Highlights of the program

Top up cover to credit insurance can be purchased for a single transaction or a specific buyer, for the period of a quarter of a year.
For ICIC insured, the cover provides:

• Increase in the level of the amount of credit to the insured relating to the basic cover that ICIC provides. The amount of top cover will change according to the changes in the basic credit cover insured by ICIC.
• Identical terms – the terms of top up cover insurance (rate of cover, period of credit and more) will be identical to those of the basic cover.
• Protection against non-receipt of payment due to commercial reasons – insolvency or economic difficulties of the customer.
• Regarding purchasers in exports. protection against non-receipt of payment for political reasons – war, revolution, prohibition of sending foreign currency, nationalization, cancellation of import permits and more.

Advantages of top up cover with ICIC

• Greater security – top up cover is particularly essential during periods of global or local crises, and provides insured with an important security cover.
• Encouraging growth and assistance in increasing sales – the top up cover and protection which it provides encourages an increase in sales also to countries and customers where the risk is more significant.
• Financial strength – the top up cover with ICIC assists the insured company in managing its relations with the banks and financing bodies and expanding the financing ability of its working capital, on the basis of the strength of ICIC and its reinsurers.
• Operative convenience – through a simple quarterly application file excluding a number of exceptions, the top up cover will be provided immediately.