Bankruptcy
In bankruptcy, it comes to a joint liquidation and distribution of the assets of the merchant-debtor who can no longer pay his bills. Indeed, the bankrupt is put out of possession of his assets and a receiver takes over their management. The creditors, for their part, can no longer take action themselves to get payment of their claim.
Beneficiary
See Assignee
Bill of exchange
A bill of exchange is a written order to pay a debt. The bill of exchange is issued (drawn) by the creditor (drawee, = the supplier) to the debtor (party concerned, = the debtor). Apart from the amount, the order also states how and when payment is to be made and to whom.
Blind cover / Non-vetted credit limit
See: Discretionary credit limits for non-vetted buyers.
Bonus/Surcharge
Depending on the claims ratio achieved in an insurance year, a bonus or a surcharge is charged. So you get a part of premium back when you submitted no or few claims, you pay the annual premium when you fall between certain values, or you pay an extra premium when you incurred many claims. The conditions are fully described in the policy.
Buyer rating
The rating gives you insight into the likelihood that one of your customers from your insured portfolio will not be able to meet their payment obligations in the next 12 months. We calculate them by combining our years of experience on the one hand with the latest financial and non-financial information on the other. Customers with a low rating have a low probability of default, those with a high rating indicate a higher probability of default. Rating 100 is given to buyers who can no longer meet their payment obligations, for example because they are bankrupt, or for any other insolvency situation specific to the buyer's country.