Actions to minimise loss
When doing business with your buyers, you should act with due care and dilligence as if you were uninsured. You must take all possible measures to obtain payment of the amount owed by debtor and to prevent and minimise loss.
You are obliged to take all measures we deem necessary in connection with a potential or actual loss - both before or after indemnification - including the institution of legal proceedings.
Advance premium
An estimated premium to be paid in advance, before it is known what the final annual premium will be. Only after turnover has been declared can we determine the final premium and settlement will take place.
Agent
A local contact often based in the same country as the debtor. The agent handles sales to existing and new debtors at your account and risk. Atradius therefore sees the agent as your extension and you should ensure that the agent complies with the policy terms and conditions.
Allocation of payment
Provides clarity on how payments received will be handled. The policy will allocate amounts received to the oldest outstanding claim, or, if payments are received after the date of loss, "in proportion to each person's share of the loss".
Amicable Collections
The phase in the collection process in which Atradius Collections tries to reach an amicable agreement with the debtor; an agreement is sought to pay the outstanding debts. So no legal action is taken here yet. Via videomail, letter, mail, telephone, site visit and or by negotiating a repayment plan, we will seek a solution.
Assignee
A pledgee or assignee comes on the policy after we receive a deed of pledge signed by you and the pledgee. You then pledge the policy when credit is granted by a lender, giving them more security regarding the financing. After the pledgee's withdrawal, any claims we pay out will go to the pledgee, unless they formally consent to continue paying out directly to you anyway. Incidentally, the pledge means they remain the rightful claimant and can claim compensation paid from you.
Atradius Collections
The company responsible for collecting the unpaid debts you have submitted for collection. It invoices the collection costs.
Atradius Crédito y Caución
In short 'Atradius', the credit insurance company. It pays compensation for unpaid, covered claims and invoices the insurance premium.
Atradius Information Services
The company that collects data for Atradius, analyses risk, allocates credit limits and monitors them. It invoices credit limit applications and monitoring fees.
Atrium
Our online tool that allows you to access your policy details, request credit limits and credit checks, transfer a collection case or a claim and where you declare your turnover.
Automatic stoppage of cover