|Atradius to offer specialised media trade credit insurance|
|Friday, 07 September 2012 11:08|
Insurer Atradius launched a Media trade credit policy on 6 September. The newly designed policy will protect PR, design, advertising and other communications agencies from potential client non-payment.
In the communications industry, client insolvencies and an unstable financial environment contribute to subsequent non-payments. Atradius has sought to fill a need in communications by providing this specialised service.
The policy was created on the advice of the media industry and will pursue steps throughout an agency-client partnership to protect the agency from non-payment. Atradius will first monitor the client’s financial stability which could allow for the agency to act preemptively to avoid a non-payment. If a client cannot pay for services rendered, Atradius will insure the agency on up to 90 per cent of the claim. “We have received many enquiries from media agencies in recent years but realised that we could do better for them,” Alun Sweeney, director of Atradius UK & Ireland says.
“We’ve tailored this product with their help, with a view to helping support this significant British industry. For an industry so heavily reliant upon the financial stability of their clients for survival, trade credit insurance needs to become a fundamental risk management tool.”