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Euler Hermes, the world’s leading trade credit insurer, is launching Advanced Payment Protection (APP) to help businesses protect themselves against non-delivery of pre-paid goods and services.
As the UK negotiates its exit from the EU, Euler Hermes believes protection against non-payment and non-fulfilment of contracts will become increasingly important due to greater supply chain volatility.
The risk is particularly relevant for industries where advance payments are commonplace -- such as the pharmaceutical and media sectors -- and for businesses concerned about purchasing from new suppliers or those outside their core operations.
Melissa Dowle, commercial director, Euler Hermes UK and Ireland, said: “Companies which both pay suppliers ahead of delivery and offer credit terms to their customers are particularly vulnerable to the domino effect of payment defaults at both ends of the supply chain. This is especially important when seeking new suppliers in new markets in today’s uncertain world. Extra support can help these businesses avoid the financial risks associated with late and non-payments.”
APP is an insurance policy that reimburses businesses if pre-paid goods or services are not delivered and no refund is available, typically as a result of protracted default, supplier insolvency or political risk. It can also help firms benefit from advance payment discounts, and protects agents paying a supplier on behalf of a third party.
Cover is available for up to 12 months, to protect either a single or series of contracted pre-payments. It is suitable for businesses of all sizes, is not dependent on customer type, market sector or whether a trade credit insurance policy is already in place.