The Evolution in Credit Insurance
Bridge Insurance’s exciting new partnership with Trade Cover Exchange is the Evolution in Credit Insurance.
Trade Cover Exchange is an online environment where Companies can request credit insurance for a single transaction, debtor, or invoice. Just cover what they need to.
You can learn more about the partnership in our recent article here, or see below for the key benefits, FAQ’s and much more.
What are the key benefits of Trade Cover Exchange?
- Trade Cover Exchange is an online environment where Companies can request credit insurance for a single transaction, debtor, or invoice. Just cover what they need to.
- Multiple Insurers bidding to cover their invoices – the digital design gives Companies a wider choice of Insurers and the ability to compare quotes in one place – they choose the right fit and the right price, and if they choose not to proceed then that’s entirely their choice
- As the cover is on short timescales – matched to the due date of the invoice – Insurers are more willing to offer cover on challenging debtors and Companies might find that what’s not covered under a Whole Turnover policy can be covered here.
- Supported access – we can create the requests for cover and assist Companies in the management of the platform – for a pre-agreed fee
- Once agreed, the cover is in place and Non-Cancellable for the period of cover providing certainty of cover for clients.With the majority of Whole Turnover policies cover can be removed during the term of cover – not with this!
- Costs – Sometimes the cost of a Whole Turnover Policy can put Credit Insurance out of reach, and especially in the SME arena it can be impossible to marry up the cost to the benefit. With this initiative, Credit Insurance is now accessible to all companies of all sizes. Costs vary and are based on the amount, the risk of debtor failure, and the timescale for repayment
Frequently Asked Questions
Undoubtedly, you’ll want to learn more about Trade Cover Exchange, so we’ve compiled twelve of the most frequently asked questions right here.
Click on the buttons to open the collapsible content.
Trade Cover Exchange is a credit insurance trading platform operated by Trade Cover Exchange International B.V. They are a Dutch company who are regulated and supervised by the Dutch Authority for Financial Markets (AFM).
They are also subject to limited supervision the Financial Conduct Authority (FCA) as they operate in the UK under an EEA passport. You will find their regulatory details by clicking the following links:
– The Dutch Authority for the Financial Markets (AFM)
– The Financial Conduct Authority (FCA)
No, registration is free and there are no contracts or tie-in’s to sign.
Yes, once you’ve registered on the platform, and validated your email address, you can then request your own quotes/cover and accept Insurer offers.
Yes, absolutely! Because the term of the cover is typically short we regularly find that cover unavailable on a Whole Turnover basis is available through the platform and as it doesn’t cost to find out then by all means make a request via the platform.
This is something to speak to us directly about because if cover has only “recently” been cancelled by your provider, and you have existing debts that are covered pre-cancellation, then you could be at risk from “Salvage” clauses within your existing policy. We can look into this for you, and advise accordingly.
No, if you already have cover in place elsewhere (Primary Cover) you cannot use the platform to top-up what you already have as you may be at risk of losing your existing cover, and any subsequent claims would be invalidated.
Your request will automatically be visible to the Insurers who will then provide quotes for the cover via the site. You’ll be notified by email as each quote comes in and once you log back in to the platform the offers will be there waiting for you.
Costs will vary depending on the risk involved, the amount of cover requested, and the duration of the cover. The cost will typically be a percentage of the invoice value and will be based on the internal assessment procedures of the Insurers quoting. All quotes are provided on a no-obligation basis, so if the cost doesn’t meet your expectations then you don’t have to accept the offers provided.
Each quote will have an “Accept” button next to it so you click that and confirm that you’re happy to accept the offer.
The Insurer will email you direct with either an online payment link, or a number to call where payment can be made. Once payment is made, the Insurer will then send you the policy document as confirmation that the cover is in place. You must read, and comply with, the specific conditions of your policy at all times. Failure to do this may invalidate your cover.
The procedures required may vary depending on the partnered Insurer and all procedures/processes will be stated within your Policy Document. Please note that at any time you can click the “General Questions” button on the platform which will generate an email link to Bridge Insurance Brokers Ltd.
Click on the “File a Claim” button which will generate an email link to Bridge Insurance Brokers Ltd and we will contact you to start the claims process.
With our “Enhanced Service” Bridge will process the transactions on your behalf and provide you with our usual broking services, which will be subject to our standard terms of business agreement.
If you would prefer to have this enhanced service then Bridge Insurance Brokers Ltd will charge a nominal fee based on expected usage, and will agree this with you beforehand.
If you do not opt for the Enhanced Service then Bridge Insurance Brokers Limited will not be acting as your agent as we are simply providing you with access to a trading platform run by Trade Cover Exchange. The platform will provide you with a number of quote options to choose from and once you select the option that meets your requirements you will transact and deal directly with the trade credit insurer you select.
Bridge can offer guidance on trade credit insurance in general, assist with accessing Trade Cover Exchange, provide general help and support on claims, but is not able to assist you in the selection of the most appropriate quote option.
Under the “Standard Access” we will receive a commission from Trade Cover Exchange, which is a percentage of the transaction premium you pay to the trade credit insurer. The “Enhanced Service” attracts an additional fee which will be agreed with you beforehand.
For more information, please contact:
You can return to the Bridge Credit section by clicking here.