QBE has launched CreditFlex, a top up commercial credit insurance facility that operates above an existing, non-QBE, primary whole-turnover policy.
Designed for clients domiciled in Continental Europe who are trading in their home and OECD markets, CreditFlex supports businesses in circumstances where the level of cover provided by their primary insurer is considered insufficient. With the potential to secure additional cover, up to 100% of the value of their underlying primary limit, clients can manage their business confident that adequate credit insurance cover will be in place for selected buyers across their ledger.
Clients can select the buyers they require the supplementary cover on without any obligation to insure all their sales above their underlying whole turnover policy. In addition, because clients pay premium only on the value of positive limits that are written during the policy period, CreditFlex allows them to maximise the sales they have insured while minimising the cost of doing so.
CreditFlex is the result of a partnership between QBE and Tinubu Square in Belgium. Under the partnership, CreditFlex policies are underwritten by QBE’s specialist trade credit team and Tinubu provides all policy management services through its bespoke online system.
Trevor Williams, Head of Credit & Surety Europe at QBE said: “In discussions with brokers, it became clear that businesses do need cover for certain exposures, beyond the limits that they can obtain through their existing credit insurance provider. It therefore made sense for QBE to use its experience of top-up products in Europe and to leverage its capabilities to underwrite these risks and respond to the market’s needs. We’ve designed CreditFlex to be a straightforward, responsive online solution. Clients pay for what they use and can select which risks they apply for, in the knowledge that this additional cover is provided by an A+ rated leading European credit insurer.”