Expertise.

Services

Trade Credit

If sell your goods or services on credit terms, you’re at risk from the protracted default, insolvency or bankruptcy of your buyers. Economic uncertainty continues to make trade credit insurance essential both for domestic and international suppliers to protect their accounts receivable.

Understanding the complex coverage issues that can exist under trade credit policies is essential. Our experienced trade credit team has been involved in drafting policy wording and coverage for insurers and their insured businesses, together with negotiating insurance terms, coverage and credit limits.

Obtaining fast relief under trade credit insurance policies is essential for businesses. We work swiftly when there is a default to determine the cause and look for the most appropriate resolution strategies. We know that the cause of default can be triggered by a myriad of different circumstances, and that there may well be competing contractual, insurance and property claims at play.

We work with insurers and insured business to find mediated outcomes where at all possible but if this is not possible, have a formidable litigation team with an excellent track record of success.

We have experience in negotiating terms and resolving disputes on single transactions as well as portfolios of goods. We have advised on trade credit policies from private insurance companies, government export credit agencies and reinsurers. We have also prosecuted substantial claims on behalf of insureds against trade credit insurers. When the initial claim is settled, we work with insurers on recovery actions.

When you are faced with a default on a trade credit arrangement in Australia, New Zealand or globally Wotton + Kearney offers specialists in advising insurers and insured businesses on all kinds of trade finance issues.

Examples of our trade credit insurance claims experience include:

Petroleum company claim

We achieved a successful mediated outcome in a $3 million dispute between a petroleum company and a major trade credit insurer for damages for breach of contract in Queensland.

Oil refinery liquidation with trade creditors

Advised various insurers on policy coverage in respect of numerous claims made under trade credit policies arising out of the failure of SAMIR, a Moroccan based oil refiner that was placed into liquidation owing its creditors USD4.8 billion.