Trade Credit Insurance: a misunderstood cover.

Companies that trade on credit terms with their customers are vulnerable to the risk of bad debts.

Bad debts can be caused directly by the customer’s failure to pay their trade credit debts owed as a result of the customer becoming insolvent, or by failing to pay within the agreed terms and conditions of the transaction (“protracted default”).

But bad debts can also be caused indirectly by the customer’s own customers’ failure to meet their trade credit debts to them.

These financial risks of loss to a business as a result of bad debts can be mitigated by Trade Credit insurance. Trade Credit insurance protects against the commercial and political risks that are beyond […]

Interesting, weird and quite possibly useless insurance facts

History of Insurance
Many people believe that insurance, a method of equitably transferring and distributing risk, started with Lloyds (the “world’s specialist insurance market”) in the late 1600’s, as a means of funding and securing the risk of trading vessels as they set out on their journeys to the New World. Of course, Lloyd’s, then, was nothing more than a coffee shop founded by Edward Lloyd, where city gentlemen (whom we might now call venture capitalists) would meet to discuss and provide funding for future voyages in return for a guaranteed share of the profits.

This basic system for the funding of those early voyages can be considered as the first emergence […]

Driving in Thailand: What you need to know

As you go about your everyday affairs, driving in Thailand, you might be interested to know that according to a February 2014 study carried out by the University of Michigan Transportation Research Institute, Thailand has the second highest road crash fatality rate in the world, with 44 deaths per 100,000 population. Namibia ranked highest with 45 deaths per 100,000 while Iran was third with 38 deaths per 100,000 population.

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Putting these figures into context within Asia, for example, Malaysia has the second highest road crash fatality rate after Thailand with 30 deaths per 100,000 population, followed by Vietnam with 24, China 22, Laos 17, Cambodia 15, Myanmar 10, Philippines 9, Singapore […]

Travel Insurance: No virus is not norovirus

A trip abroad, whether it is for business or pleasure, can take months of planning and can be ruined in an instant.

The news, recently, that a month-long cruise around the Pacific had to be curtailed due to an outbreak of the norovirus (also known as winter vomiting disease, 24-hour stomach flu, and “it makes you so sick you will wish you were dead”), should be a reminder to us all to secure good travel insurance before any trip – no matter how safe we think we are going to be.

Cruise ships generally provide a safe, healthy environment for their passengers; and while health-related incidents are infrequent, an outbreak of something like […]

Company Health Insurance – What you need to know

Many expatriates are fortunate to have company funded medical insurance as part of their remuneration package.  However, as international health insurance plans have become gradually more and more expensive an increasing number of expatriates have found themselves on local employee benefits plans instead.  Happily for most people this will be fine, but serious accidents and illness are a fact of life and, sadly, every year many expatriates experience health problems that cause severe financial difficulty.

One of the reasons for this is that many employers in Thailand buy into health plans for their employees that have benefits designed to be used, at the expense of a plan that would provide real […]

The Cyber Security Threat to SME’s

Recently we reported on the real cost of a cyber security breach and outlined that an average date breach results in around 29,000 compromised individual client records. Apart from the actual cost of remedying the cause/s of the cyber security breakdown, the average cost to a company for lost business alone was about $3,300,000 (Baht 105,000,000) for each incident.

It is not only big business that is being attacked but small and medium sized business are being attacked to a greater degree as they are potentially easier targets with lower budgets than “big business” to expend on the various elements of cyber security protection.

And, as the Financial Mail on Sunday recently […]