If you’re thinking about investing in trade credit insurance, you may be wondering what the claim process looks like. Depending on your insurer, there may be slight variations in terms of the steps involved and the timeline for processing claims.
Trade Credit Insurance Claim Process
Generally speaking, the process typically involves the following steps:
Step 1: Contact Your Trade Credit Insurer
Typically, the first step of the trade credit insurance claim process is to contact your insurer and inform them about your loss and your plan to file a claim.
Step 2: File Your Trade Credit Insurance Claim
After informing the insurer about your situation and your plan to pursue a compensation claim, it’s time to file your claim formally with the insurer and provide all relevant documentation to support your case.
At this stage, you should organise any available information related to your losses and include it in your formal claim. This might include invoices, contracts, receipts, and any other paperwork that will help demonstrate the value of your outstanding payments or lost business. It’s also important to provide a clear timeline of events and explain how you have been impacted by the loss thus far. Any additional details that can help strengthen your case are also more than welcome at this stage.
Once you have filed a complete and accurate trade credit insurance claim, it’s up to the insurer to evaluate its validity and determine whether you are eligible for compensation.
What Happens After You Submit Your Trade Credit Insurance Claim?
After submitting your trade credit insurance claim, what happens next can vary slightly depending on the insurer. In most cases, however, an insurer will assess and begin investigating your claim within 24 hours of receiving it.
Typically, this assessment entails a comprehensive review of the account history over the past 12 months. The insurer will also check to make sure there are no breaches of the maximum extension period or other policy conditions, as well as investigate any salvage implications. Additionally, they may contact the receiver or administrator assigned to your claim on behalf of you and your business. Finally, once all checks are complete, your insurer will then lodge your claim through their usual claims pipeline and conduct additional reviews to ensure that everything has been processed accurately.
Throughout this process, you can be assured that your insurer is committed to getting you the compensation you deserve as quickly as possible. So if your business ever suffers a credit-induced setback due to an unforeseen event or situation, don’t hesitate to contact your trade credit insurance provider.
Contact Niche Trade Credit
Are you looking for a way to minimise your exposure to trade credit risks and maintain healthy cash flow in your business, talk to the experts at Niche Trade Credit – Australia’s leading trade credit insurance broker. We’ll help you evaluate your options and find the right credit insurance solutions for your business. Contact us today!
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