At AWG Insurance Brokers, we know that close and effective relationships matter and we are committed to a long-term relationship as your trusted insurance broker.

  >  Trade Credit

Trade Credit Insurance

If you are selling to your customers on unsecured credit terms, your biggest fear will be the client to paying you. Non-payment can be due to various reasons and trade credit insurance serves to protect your company from the non-payment of your clients.The policy is suitable for companies with domestic sales or export business.

For domestic sales, trade credit insurance would cover for risk involving insolvency of clients and default of payment. If you are also exporting to overseas, your other concerns which trade credit insurance can address are public buyer risk, payment transfer risk, import restrictions risk, political risk, war and unrest risk etc.

With the trade credit insurance in place, your debtors listing will be managed with the insurer professional credit control team. You will no longer have to worry for payment default of your customers. This will serve to protect your balance and company profit from bad debts.

50% SUBSIDY

Qualifying Criteria

  • Business Entity is Registered and Physically present in Singapore i.e. incorporated in Singapore with the Accounting and Corporate Regulatory Authority of Singapore (ACRA);
  • Have a Minimum of 30% Local Shareholding;
  • Maximum Group Employment of 200 Employees or Maximum Group Revenue of S$100m;

 

Should your company qualify for support under TCIS, AWG Insurance Brokers will assist you in the submission of your application for TCIS premium support of up to 50% subsidy to Enterprise Singapore. 

Major Benefits

  • Effective control of bad debts
  • Balance sheet protection
  • Cash flow relief
  • Alternative to letters of credit
  • Expand sales securely in new
  • Obtain possible higher levels of funding at better rates
  • Access to credit expertise
  • Cost saving

Key Features

  • Comprehensive cover for domestic and/or export sales
  • Cover of commercial and political
  • Indemnity level up to 90%
  • Independent review of the risk profile of your trading partners

Costs

  • The volume of insurable turnover
  • The spread of risk
  • The destination of sales
  • Industry sector
  • Terms of payment

Trade credit insurance scheme by enterprise Singapore

The Trade Credit Insurance Scheme (TCIS) is designed to educate Singapore companies on the benefits of using Trade Credit Insurance (TCI) as a financing and risk management tool to mitigate their buyer’s default risks. With added protection through trade credit insurance, companies can be better protected against their counterparty risks and more confident to explore new markets and buyers.

How To Apply

Please fill-in below details to proceed with your application.

AWG: Covid19 Announcement

Dear Valuable Clients and Partners, 

Following the suspension of activities at workplace premises under the elevated safe distancing measures announced by the Ministry of Health (MOH) on 3rd April 2020, we would like to announce the following changes to our work so as to continue our service to our customers. 

AWG Insurance Brokers is a key member of the financial service industry and we are exempted from the suspension. We will continue to provide services to our customers, but with the following measures and changes. 

Closure of Office to walk-in Customers. 
We will no longer allow walk-in submission of documents. The office will not be opened to the public and you will need to submit any Original Documents to our Letter Box placed at our office. If Original is not required, we will encourage sending via email. This is to reduce human contacts and reducing the risk of infection. 

Working from home
Our staff and management will be taking turns to work at home. We will have a reduced workforce during this period. Many insurance companies also have their staff working from home. You may still contact your servicer at the DID in their email. 

Premium Payment

We will not be able to receive cash payment from customer and all payment is to be made via Paynow with UEN No : 199002234G, QR Code (reflected on our debit note) and Cheques. Please indicate the policy/policies number that you pay and email to dorcaschoy@awginsurance.com for any funds transfer 

MAS has also announced recently on the availability of premium installment. We have not gotten any update from insurers as of today and will update you soonest once we have any information.  

Claims 
Claim function is probably the most important part of our existence. We continue to assist and advise you on any claims matter. For claims payment, we would advise that you opt for direct fund transfer to your designated account number if the option is available. 

We apologize if there is any inconvenience caused and wish you good health amidst this difficult time. 

Regards