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Purchase of Receivables policy protects a financial institution against non-payment of trade accounts receivable purchased from a seller of goods or services. Typically the seller enters into a purchase agreement with the financial institution and may act as the collection servicer.
Companies sell their receivables for a variety of reasons, including access to financing, balance sheet enhancement, and offering longer payment terms to their buyers. The seller is generally located in the United States and enters into a purchase agreement with the financial institution. The seller may act as the collection servicer. Invoicing can be in U.S. dollars, Euros or another currency endorsed to the policy. Please read the Purchase of Receivables Coverage brochure for more details.
*Non-cancelable limits: subject to policy terms and conditions, after issuing the policy the insurer may not unilaterally reduce any country or buyer limits, except for non-payment of premiums.