Members & Their Main Lines of Business
Trade Credit Insurance
- Trade Credit Insurance insures against the risk of non-payment by a buyer. Trade credit insurance policies can include a wide range of cover, depending on the circumstances. If a buyer does not pay, the trade credit insurance policy will pay out a percentage of the outstanding debt. This percentage usually ranges from 75% to 95% of the invoice amount, but may be higher or lower depending on the type of cover that was purchased.
Surety & Bonds
- Surety bonds guarantee the performance of a variety of obligations, from construction or service contracts, to licensing, to commercial undertakings. The Surety guarantees to pay the direct loss suffered by one party (generally known as Employer/Beneficiary) as a result of a contractual default by the other party (generally known as the Contractor). For example, the failure of a contractor to complete a contract in accordance with its terms and specifications or the failure of an enterprise to pay taxes or customs duties to a government or department.
Members' main lines of surety business are:
- Customs, tax and/or similar bonds
- Bonds concerning concessions and licenses
- Judicial Bonds
- Bonds concerning purchases of goods and/or services
- Bonds concerning leases
- Bonds concerning construction and/or supply contracts
- Financial bonds
- Other bonds
Reinsurance
- A reinsurance company insures the risk that has been underwritten by an insurance company. The risk of a major loss event imposes a burden that no single company can bear. Reinsurance makes it possible for these risks to be underwritten. In a way, one could say, "reinsurance is insurance for insurance companies". Over the years the international reinsurance sector has developed into a highly specialised financial services industry that works closely in conjunction with direct insurers to meet the needs of their cursomers. ICISA's Reinsurance Members have specialised departments focusing soleley on the reinsurance of credit insurance and surety risks.
Read more about this topic: International Credit Insurance & Surety Association
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