The impact of Coronavirus is having a profound impact on our global community.

The extraordinary events are affecting us all – including national and international trade. We want to assure you that NCI is committed to working with you to help you get through these difficult and challenging times and mitigate to the obvious economic consequences.

There are steps you can take to help better manage risk and navigate through this period of uncertainty. We want to share these with you and also some general measures that have been introduced to support you in managing the impact of COVID-19 on your business and your commercial relationship with your customers.

Limits

What we expect to see:

• More buyer reviews are expected on particular sectors – travel, education, airlines and industries where supply chain issues will be impacted.
• This is not unexpected, but we’ll be working with insurers and clients to find suitable outcomes.
• This is perhaps an opportunity to review your current list of limits and reduce/surrender cover that may not be needed in the immediate future.
• More information may be required to support limit applications in the future.

Overdue Debts and Repayment Plans

These are expected to increase:

• Most insurers are offering flexibility around overdue debts and repayment plans at this point in time
• This is an ongoing situation and each and every case will be assessed on their own merits, with specifics relating to each insurer

If there are any doubts on what is needed, please consult with us.

PPSR Registrations

There is no better time to register security interests on the PPSR and/or check that your security interests are registered correctly. This will place your business in a stronger position to reclaim your goods or money in the event of a customer’s insolvency.

Please liaise with your Client Service Manager if you wish us to arrange an audit of your PPS registrations.

Debt Collection

We understand the need for your debts to be paid – now more than ever. Speak to NCI Collections regarding the best way to achieve this.

Claims

Again, an increase is expected but claims will continue to be assessed as normal and in accordance with terms and conditions of the policy.

Your policy covers the Insolvency or Protracted Default of your customers (and political risk if applicable). There is “no change” to the manner in which claims are assessed but we remind you of strict adherence to the policy at this time, please refer to your policy for specifics.

Risk Monitoring

We expect businesses will have greater exposure to financial stress in the coming months. Now is the time to be monitoring the health of your customers. You may wish to consider NCI’s monitoring service to load up your whole ledger for monitoring and alerts.

We hope this answers some of your questions. Please contact your Client Service Manager or any of your NCI contacts if we can help in any way.

We are all in this together and NCI is here to support you through these unprecedented times.