HDFC ERGO Launches Credit Insurance Policy to Safeguard Business

Posted on:12 Jan 2017 09:33:27
HDFC ERGO Launches Credit Insurance Policy to Safeguard Business
12 January 2017 Current Affairs: HDFC ERGO General Insurance Company launched a new policy, Trade Credit Insurance Policy, on January 9, 2017 to which safeguards businesses against the risks of non-payment for the goods or services delivered to the buyers.

India’s third largest private sector non-life insurance provider informed that the policy would offer cover against payment defaults and insolvency, apart from providing political risk cover to exporters.

Under the new policy, the insurer covers a portfolio of buyers and pays an agreed percentage of the invoice or receivables that remain unpaid as a result of insolvency, bankruptcy or protracted default.

Already two state-owned companies New India and United, and private sector players like ICICI Lombard, Bajaj Allianz and Iffco Tokio offer similar products.

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