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What does insurance mean?

NEWS_PUBLISH_DATE 12 May 2020
What does insurance mean? image

This type of policies offered by companies cover commercial or financial losses, independent of the client's will.

When done

This offer by the insurance agencies is a guarantee against uncollectibility due to unwillingness or inability of the consignee to pay its obligations within the specified period. The contract with the agency protects the supplier from bankruptcy, financial losses, insolvency or bankruptcy of a client. If you are a manufacturer or importer of goods on consignment or by deferred payment and you want to insure your business against unexpected changes, look at the insurance offers of I&G Brokers.

Who is it for?

The service is intended for legal entities that have concluded a contract with other legal entities. Failure to pay is subject to compensation as provided in the signed contract. Covers financial losses from non-fulfillment of the signed agreement.

What types of risks does it cover?

Most insurers offer a wide range of "Financial and commercial risks" insurance. They have different coverage:

  • Against short-term trade turnover - Covers related to a foreign buyer, such as insolvency and delay in payment, are covered;
  • Against domestic trade turnover - Covers related to a Bulgarian buyer are covered, such as insolvency and delay in payment;
  • Against medium and long term turnaround - All speculations related to trade and politics are covered;
  • Against short-term political turnaround - Political speculations related to the state of the foreign country are covered by the treaty;
  • Bank guarantee insurance - Covers the bank that issues the guarantee;
  • Bank loan insurance - Covers the institution granting the loan;
  • Letters of credit - The option for the bank issuing the letter of credit to accept for fulfillment its payment obligations is covered;
  • Financing the activity through insurance - The policy against commercial or political speculation can be transferred to a third party, in most cases a bank. This is how she finances the company.

Additional tips from I&G Brokers

I&G Brokers advise you to assess all financial risks before starting the development of a new business. Weigh the pros and cons. Check which insurance is best for you and take out a policy with an insurance company. In case of unfavorable development in the future you will be able to rely on the insurance indemnity. Take a look at the I&G Brokers website and ensure your future peace of mind!