UK marine insurance broker Seacurus has introduced a specialized credit insurance service for bunker suppliers, offering balance sheet protection against non-payment of marine fuels.
Seacurus is well positioned to enter the bunker industry due to its wealth of experience in the shipping industry, a solid grounding in the insurance market and particular expertise in credit insurance, Nick Maddalena, a company director, told Bunkerworld.
The BunkerSeacure policy packages can be tailored to meet the needs of individual companies, and will provide cover in the event of insolvency or protracted default on payment for marine fuels, both of which can play havoc with a supplier’s balance sheet.
Bunker suppliers are offered a choice between purchasing credit risk insurance on a substantial proportion of total turnover, on selected customers or on a single customer.
By laying-off this risk to the insurer, suppliers can continue to trade with their customers with confidence and offer extended credit limits and terms of trade in the knowledge that their income stream is secured, said Captain Thomas Brown, managing director of Seacurus.