Euler Hermes offers longer duration insurance for large orders

14.11.2017

 

London – Businesses wanting to protect themselves against non-payment of large individual orders they will deliver up to three years in the future can now turn to Euler Hermes, the world’s leading trade credit insurer, which is offering insurance against bad debts for this type of risk.

EH Cover One also insures businesses against work-in progress costs if they are unable to supply contracted goods or services if their client is unable to pay. Up to 90 per cent of the insured loss is paid out in the event of a claim, plus the insured can have any outstanding balance with no minimum or maximum value. Cover One is available with or without trade credit insurance (TCI).

Milo Bogaerts, CEO Euler Hermes UK and Ireland, said:

Businesses should be free to take on new orders and develop export markets, but extended delivery and payment terms can also bring increased financial risk. EH Cover One offers firms a simple solution to protect their longer duration work on a case-by-case basis, providing management with the reassurance to invest and not miss out on opportunities for growth.

Offering ‘medium term’ insurance cover for non-payment of bad debts for a single large risk to mid-sized and smaller firms is a recent development in the TCI market. Traditionally it has only been available as a bespoke policy to large corporations through Lloyd’s of London. However, Euler Hermes has used its wholesale market expertise to develop EH Cover One for mid-sized and smaller businesses. Standard TCI policies tend to cover short term risks (less than 12 months) on a whole turnover basis, which is more suitable for everyday business activity.

 

# # #

Notes to editors:

  1. Trade credit insurance (TCI) helps business trade and grow safely by covering the risk of late or non-payment of invoices when they supply goods or services to their clients for payment at a later date.

  2. EH Cover One fits in between short-term credit insurance (which provides protection for ongoing business) and the products offered by the Euler Hermes Transactional Cover Unit. EH Cover One was first launched by Euler Hermes in France and more recently in Belgium and Netherlands.

 

 

Media contacts:

Euler Hermes PR contact
Adrian Russell
+44 (0)20 7860 2728
adrian.russell@eulerhermes.com

Public relations agency contact
Alastair Henry
+44 (0) 161 235 0320
alastair.henry@citypress.co.uk