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If you are a company selling products or services on credit terms, or a financial institution financing those sales, you are providing trade credit. When you provide trade credit, non-payment by your buyer or borrower is always a possibility. Great American's Trade Credit Insurance products protect you against loss resulting from that non-payment.
A debtor's non-payment can be caused by commercial events such as insolvency or protracted default. On international transactions, non-payment can also result from the occurrence of disruptive political events such as wars, government interventions, or currency inconvertibility.
Trade Credit Insurance can be a cost-effective mechanism for transferring risk. Premiums are generally charged either as a percentage of sales or as a per annum rate on limits. Premium rates are influenced by various factors including country risk, obligor risk, length of payment terms, and your loss experience.