|
The Policy will indemnify the insured against non-payment for goods and services by a buyer due to:
Insolvency
- If the Insured buyer has been proven to be insolvent, the company will indemnify the insured up to the percentage of invoice value or indemnity value as provided in the policy schedule.
Default
- Protracted Default
- The company will indemnify the insured should a buyer fail to make good or compensate the insured for the value of goods dispatched to `insured’s buyer(s), or any outstanding amount due to the insured.
- Default Arising from Frustration of Contract
- The company will indemnify the insured for non-payment from the insured’s buyer arising from contract frustration as a result of natural disasters, political or economic upheaval, but only to the extent stipulated in the policy and policy schedule.
|