Credit Insurance Direct Instant Quotes Online


At a time when there is such a feel good factor in the country regarding the undeniable success of the London Olympics it seems a shame to talk about gloom and doom in the economy. However, we are experi- encing a double dip recession and for many businesses that does mean trading in a high risk environment.


The reality is that we live and do business in an uncertain world. There are many Small to Medium sized businesses (SMEs) with annual sales under £10 million and in these market conditions it is important for businesses to protect themselves from the debilitating effects of bad debts caused by the failure of their business customers.


We have seen many substantial businesses collapse in the first half of 2012, dominated by major retail names such as Peacocks, Game and Clinton Cards. However, while the difficulties in the retail sector always seem to attract a high profile there are also many other trade sectors experiencing problems.


For businesses within the lubricants industry, the threat of business failures may arise from any number of industries. In mid-2012 we saw particular focus on the automotive industry and Lola Cars. After over 50 years of trading, Lola Group entered administration blaming the economic downturn for a drop in trade - further demonstrating the on- going difficulties facing this sector.


In the energy and oil sector we witnessed another significant insolvency in the shape of oil refiner Petroplus. The company filed for bankruptcy in January 2012 after failing to reach agreement with its creditors to extend deadlines for loan repayments. The knock-on effects saw the closure of the UK-based Coryton refinery and, following the appointment of PwC, the announcement that recoveries due to creditors would only amount to a very small percentage of the overall debt.


What is of particular concern is that business insolvencies are expected to increase. This leaves any business selling goods or services on credit terms at risk of non-payment by trade customers, resulting in a bad debt. Bad debts do not discriminate. They can affect any


34 LUBE MAGAZINE No .111 OCTOBER 2012


business at any time, impacting cash flow and profitability. For the smaller business a bad debt can be crippling.


For many SMEs the issue has been how to access the market for suitable protection and also the time it takes to obtain the cover. To address the needs of SMEs, OAMPS UK Group has launched Credit Insurance Direct, an online product which provides protection against bad debts for businesses based in the UK. Via Credit Insurance Direct SMEs can now buy credit insurance for a fixed and all inclusive premium in only a matter of minutes.


David Barrett, ACIMA, Managing Director of OAMPS UK Group feels strongly on protecting SMEs against bad debt and states, “The economy continues to dominate the headlines and the risk environment remains uncertain. We are therefore delighted to be providing support to smaller businesses through innovation, having developed an accessible online product that offers protection quickly and efficiently. At a time when businesses are exposed to so many risks we want to provide a solution that will support and secure our British businesses.”


Credit Insurance Direct provides businesses with protection against non- payment by trade customers due to insolvency or protracted default. The cover gives protection for sales in the UK


and selected export markets and is extended to include political risks in certain countries.


A major benefit for a business buying a Credit Insurance Direct policy is that the premium quoted includes up to 50 credit limits and both pre-legal and legal collection costs. Furthermore, the online system allows businesses to choose indemnity and excess levels to adjust the price of the quote and premiums can be paid monthly or annually upfront for a discount.


Credit Insurance Direct has been developed by OAMPS UK Group in conjunction with Coface, one of the world’s leading credit insurers. Coface has a direct presence in 66 countries and underwrites !370 billion of trade receivables.


In addition to the online website SME’s receive full advice and support via a UK- based telephone help desk.


For more information contact David Druce, Business Development Manager, OAMPS (UK) Ltd on 0207 256 3616.


LINK www.creditinsurancedirect.co.uk


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