IE Singapore has partnered with Marsh (Singapore) as the Programme Manager and 2 credible underwriters – ECICS Ltd and QBE Insurance – to offer trade credit insurance at very attractive premium rates through this TCI Programme. By pooling demand for trade credit insurance, thereby generating economies of scale and diversification of risks, the TCI Programme is able to offer premium rates normally available only to companies with significant trade volumes.

How does trade credit insurance work?

Trade credit insurance protects against the non-payment risk of buyers. Should buyers default on payment further to the stipulated due date and grace period, the insurer will pay upon verifying the validity of the claim.

Note: Certain events of non-payment are not covered by trade credit insurance. For example, trade disputes and buyers whose invoices are already overdue beyond the permitted period are not covered.

How do I stand to benefit from trade credit insurance?

• Trade credit insurance provides assurance that suppliers will get paid for goods delivered or services rendered.

• With greater certainty of payment, suppliers can offer more competitive credit terms to their buyers.

• Suppliers, by offering open credit term sales to their buyers, gain a competitive edge over other suppliers who trade on letters of credit.

• Companies can explore new businesses and new markets with greater confidence.

• With insured accounts receivable, companies are also likely to achieve more attractive borrowing costs and bigger credit lines from their bankers.

What does the TCI Programme offer?

Aside from protecting accounts receivable, the TCI Programme also offers financing to meet companies' working capital needs. As a one-stop service, companies can approach the participating banks listed below.

Eligibility Criteria

Trade credit insurance is suitable for companies that are manufacturers, traders or suppliers of goods and services. Sales can either be domestic or export-oriented.

All Singapore-based companies who fall within the above categories are eligible to purchase trade credit insurance through the TCI Programme*.

* Companies who only have marketing offices or representative offices in Singapore are not eligible for the TCI Programme.

Application

For companies who are interested in the TCI Programme, please click here to download the product brochure, or who wish to make general enquiries, please approach the Programme Manager:

Marsh (Singapore) Pte Ltd
18 Cross Street #04-01
Marsh & McLennan Centre
Singapore 048623
+ 65 6332 0288 tel

Contact Persons

For companies who require both financing and trade credit insurance, please approach any of the following banks:

DBS Bank Ltd
6 Shenton Way
Singapore 068809
1800 222 2200 tel

Standard Chartered Bank
51 Bras Basah Road
#02-01 Plaza by the Park
Singapore 189554
1800 743 3000 tel