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Many Commercial enterprises take credit insurance as a matter of routine based on obligations imposed by the bank. Are we aware that
- Credit limits fixed without analysis of product mix will lead to inadequate cover
- Ineffective monitoring of credit limits and information requirements from the insurance company could result in the claim being denied
- Improper usage of discretionary limits with a result that we think we have insurance protection, but in actual fact, we do not.
- Wasteful premium outgo on badly designed policies.
- Inadvertent violations of policy conditions especially in areas of rescheduling payments
Designing a credit insurance policy is not just about providing details to the insurer, obtaining quotes, and filing the policy. Choosing the correct policy based on the buyer profile, fulfilling policy requirements and complying with procedural processes is the difference between getting a claim settled or getting a repudiation letter from the insurer.