How long does it take to pay a claim?

We’ll be able to examine your claim and notify you of the claim amount to be paid within 30 days, providing you’ve supplied us with all the documentation required. Providing these documents upfront, at the time you lodge your claim, can speed up this process. Here’s a list of what we need and why:

Documentation	Why
Invoices relating to your claim	To identify the policy holder and the buyer To confirm the terms of payment because each policy has a maximum credit term To see the product or service sold to determine if it’s covered by the policy
Evidence of payment terms (if is it not showing on the commercial invoices)	If payment terms are not indicated on the policy holders invoice, then this usually appears on a credit application or in correspondence between the policy holder and the buyer
Statement of accounts for 6 - 12 months prior to the oldest outstanding invoice through to and including final statement	In Excel provide a system derived debtors ledger that includes individual transactions raised during this period with invoice dates, amounts, payments and credit notes. This allows us to do a reconciliation to determine if the maximum extension period has been breached which could mean an automatic stoppage on cover.
Evidence of debt	Evidence of the debt from a party other than the policy holder needs to be provided so we can confirm that debt is owing on the policy. For example evidence from a buyer, court or insolvency practitioner will be accepted.
All correspondence between the policyholder and the debtor, or other interested parties	Providing all correspondence in relation to the matter starting from the oldest invoice up to the date of claim can help support the efforts you’ve made to collect the money owed to you
Any securities, retention of title, caveats or guarantees	Providing details of the stock in the buyer’s possession and actions you’ve taken to minimise loss can help us understand any potential recoveries either before or post payment of a claim. If we can recover money post paying your claim by pursuing a guarantor or recovering stock through a retention of title then you’ll gain a share of this in proportion to the loss.
Discretionary credit limit documentation	On your policy it will outline your discretionary credit limit procedure. This will let you know what documentation needs to be provided, it can include things like payment experience over the last 12 months within the maximum extension period, credit reports, trade references and compliance with credit management procedures
Declaration of turnover	Most of the time you’ll need to complete an annual declaration of turnover for each policy, usually every 12 months. Before we can pay a claim this needs to be up to date.
For export claims only: Delivery/bill of lading documentation & debt correspondence	To determine that goods have left the country To see evidence of the total debt owed and that it’s not subject to any dispute

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