Payment plan
You can agree a payment plan with your customer, at their request, if they are not able to pay your invoice straight away. If the payment plan is paid off within the maximum extension period, you can agree this yourself and take care of the follow up. The moment an instalment will be paid after the maximum extension period, you will need the prior agreement of Atradius.
Pledgee
See assignee.
Policy duration
The 'policy duration' and 'policy start date' are stated in the policy schedule. The policy is automatically renewed on the same terms and for the same term unless an indication is given by either party not to renew the policy at least 2 months before the expiry date.
Political risk
One of the covered causes of loss in the policy. Political risk includes the following circumstances: moratorium, foreign exchange shortages, devaluation, transfer risk, waiver of payment obligation, war, natural disaster, impossibility of contract performance, revocation of export licence, government default.
Postponement of payment
The originally agreed due date of a debt is deferred to a new date. The debtor is thus allowed to pay later than originally agreed. However, the originally agreed due date remains the date used for the application of the policy terms and conditions.
If the deferral of payment would exceed the maximum extension period, you do need to obtain a written agreement from Atradius.
Pre credit risk
The period between the conclusion of the contract and the commencement of the credit risk may also be covered under the policy. In case of a covered loss for such an order, Atradius will reimburse you for the costs and expenses incurred.
Premium
This is the (periodic) payment you make to protect your business against the risk of default. The premium is calculated based on insurable turnover and the premium rate. What you end up paying may be affected by any Bonus/Surcharge in the policy.
Premium payment
You owe premium as well as any insurance tax or other applicable tax or duty on the turnover amounts you declare to us.
Premium rate
This is the percentage we apply to insurable turnover to determine the premium amount payable for credit insurance. This percentage is stated in the policy and depends on various risk factors.
Protracted default
One of the covered causes of loss in the policy. The non-payment, partial or otherwise, of a claim, after the expiry of the waiting period (as stipulated in the policy schedule).