Exporters Association Welcomes New Credit Insurance Scheme

The Irish Exporters Association (IEA) welcomed the launch in Ireland by leading trade credit insurer Atradius of a specialist trade credit insurance product dedicated to helping smaller businesses manage their trade credit. The Modula First policy has been developed with input from small businesses, aiming to meet their needs by making trade credit insurance both affordable and simple to use.

John Whelan, Chief Executive of the IEA commented;
‘’Availability of affordable credit insurance is critical to those looking at export markets, and trying to expand their sales abroad. The IEA recommend this product for a number of its features, which we have long been pushing the insurance industry to provide;

Fixed priceMinimum premium applies - €3,080 for export and/or domestic credit combined & €2,772 for domestic sales in Ireland only No additional buyer chargesDebt collection is included free as inclusive service (this means all overdue balances must be reported)A 30 day notice period ensures no arbitrary withdrawal of cover. This is an important feature for exporters who may have order cancellations.
The policy is designed specifically for businesses with a turnover up to €4 million and includes the following features:

- Covers commercial risks across OECD nations plus Malta and Cyprus
- Fixed price
- Free inclusive debt collections service to assist businesses in managing their cash flow
- 90% indemnity
- Deductible €500 minimum retention
- 21 day cooling off period

John Whelan concluded by saying;
‘’Trade credit insurance improves cash flow by reducing the time it takes businesses to receive payment on sales. This offers exporters the confidence to seize opportunities in international markets and capitalise on them in the knowledge that they are covered. In addition, holding trade credit insurance can help businesses to obtain bank financing.’’

For further information go to;

http://www.atradius.ie/creditriskmanagement/solutions/smallmediumbusiness.html

contact.ireland@atradius.com


ENDS

About Atradius:
Atradius is one of Ireland’s leading trade credit insurer. The Atradius Group provides trade credit insurance, surety and collections services worldwide, and has a presence through 160 offices in 42 countries. Atradius has access to credit information on 52 million companies worldwide and makes more than 22,000 trade credit limit decisions daily. Its products and services aim to reduce its customers’ exposure to buyers who fail to pay for the products and services they buy. With total income of more than €1.7 billion and a 31% share of the global trade credit insurance market, its products help protect companies throughout the world from payment risks associated with selling products and services on credit.

www.atradius.ie