Requirements & Notes:
A. Documents / information required for claims submission
- You should complete a Proof of Loss Form
- You should provide details of the circumstances leading to the loss, including reasons leading to the indebtedness of the buyer and action taken by the insured to collect the outstanding amount
- You should supply copies of all relevant documentations including the invoices of the defaulted payments, Letters of Credit (as applicable), payment instrument (as applicable), shipping documents and any relevant correspondence between the insured and the buyer in relation to the defaulted payments
- In case of an insolvency loss, you should provide all relevant documentation evidencing such insolvency
- In the event of a factor credit loss, you should provide evidence of the assignment of debts to the bank
- You should provide details of any repayment schedule proposed by the buyer
- You should be prepared to supply any other information or documentation that we may request
B. Notification Procedure
If the insured sustains a loss or expects a loss in connection with eligible shipment or receivables due to failure of the buyer to pay all or part of the values of the shipments or receivables within the prescribed period of time under the policy:
- You should provide us with immediate written notice of the buyer's failure, or any circumstances that may reasonably be expected to result in a loss
- We will acknowledge receipt of the notification in writing
- We will review the information provided and determine if it is sufficient for us to determinate policy liability. During this process, we may request additional information or documentation from you
- We may appoint an investigator, adjuster or lawyer to investigate the reported matter
- If the information provided or discovered is sufficient, we will communicate our decision of coverage position to you in writing