Insurance of advanced payment

What is an insurance of an advance?

Insurance of advanced payment is a supplementary insurance solution to ICIC's insured, who are interested in protecting transaction in which they are required to pay an advanced payment to a supplier prior to receiving the products ordered.

Payments of an advance creates an exposure to economic losses which are liable to be caused should the product that it ordered not be supplied, despite the payment of the advance, and also the amount of the advance will not be returned. Insurance of the advance provides protection to the policyholder, starting with the payment of the advance to the supplier until receipt of the products.

Highlights of the program

Insurance of an advanced payment provides you with cover for the amount of the advanced payment paid to the supplier, which did not supply the goods ordered and did not repay the advance paid as a result of:

• Insolvency of the supplier
• For suppliers abroad, a political event in the country of the supplier, which prevents delivery of the product to the customer

Advantages of insurance of an advanced payment with ICIC

• Creation of insurance continuity: advanced payment insurance completes the insurance protection to ICIC's insured who purchase products from suppliers, manufactures products for customers and carry out credit transactions.
• Supplementary insurance solution: the insurance of an advanced payment is defined as an addition to the ordinary credit insurance policy of the insured, in which it requests credit limits in the amount of the advance.
• Cover of a range of insured events: insolvency of the supplier and political events in the supplier's country.
• Insurances cover of a specific transaction advanced payment insurance can be purchased as cover for a specific transaction. there is no need to present a portfolio or dispersion for insurance.