Click here to download the standard Application for Credit Insurance. You can fill out this form directly on your computer, print and sign it, then fax it back to us at 207-828-9512. The application includes pertinent data such as:
- Profit & Loss (P&L) information for the past 4 years
- A list of key buyers names, including addresses, phone numbers, credit limits & terms
- A summary of open account balance aging
- Account Receivable (A/R) summary for the 4 prior quarters
- Annual write-offs (bad debt) for the past 4 years
Q. Why should we use One Source?
The One Source team is dedicated to provide you with the most appropriate credit risk management and funding solutions for your investment. Our knowledge and expertise combined with our well-established relationships with the insurers and funding organizations allow us to deliver the best program available.
Q. Why does my company need credit insurance?
Credit insurance is the ultimate protection against excessive bad debts. Credit insurance protects you from losses if one or more of your customers becomes insolvent or severely past due. In export cases, it can protect your company from loss due to political events.
Q. What risks are covered?
Credit insurance covers commercial risks such as insolvency and protracted default. Export credit insurance will usually add political risk coverage including: cancellation of import/export licenses, a foreign governments intervention, transfer risk, embargo, a state of war or civil violence, and the non-payment of a valid trade obligation by a sovereign buyer.
Q. How much does credit insurance cost?
The premium for credit insurance typically is calculated as a small percentage of your annual insurable sales, based on the risk of your specific portfolio, your loss history, the spread of risk, and the amount of self-insurance you are willing to absorb. Cost from carrier will vary depending upon whole turnover versus selective accounts.
Q. Is there a deductible?
Policies will have an annual deductible, a per-buyer deductible, a co-insurance percentage, or some combination of these factors. These forms of risk retention are typically used to keep your cost in balance and to allow for more flexible coverage.
Q. Is there an additional premium charge to use the services of One Source?
No. Broker compensation is considered a cost of doing business and is paid by the carrier. It is not part of any premium calculations.
Q. For which insurance carriers does One Source act as a broker?
One Source brokers insurance policies for all the major carries, including but not limited to, AIG, Atradius, Coface, Euler, Ex-Im Bank, Exporters, TUA and QBE. One Source will use any and all resources to find the absolute best match for your coverage needs, including the alternative risk markets.
CLICK HERE for more information or to get a free quote