Single Invoice Insurance provider leaves the Market

Nimbla – What Now?

Following the disappointing news of Nimbla’s departure from the Credit Insurance Market last month, many businesses are unsure of the next step.

Even though Nimbla are no longer taking on any new business, their existing policies remain in force, but renewals will not be offered.

Nimbla offered insolvency only cover for single buyers – for both single invoices and annual exposures – on a stand-alone basis. This was particularly useful where a business did not wish to cover their entire debtor ledger, but preferred to “cherry pick” the buyers they wanted to cover. The single invoice cover in particular was Nimbla’s USP. Regretfully this product has not been replicated by any other Insurers, so far.

So what now? Although there are no options to replace Nimbla’s single invoice offering presently, there is however a buoyant Single Risk Credit Insurance Market, covering a single buyer (or a small number of buyers) on an annual basis. This can be purchased to cover just one or a few specific buyers, or to “gap-fill” a business’ existing whole turnover policy where it cannot provide any cover on a specific buyer.

For businesses that used Nimbla’s products regularly, the overall premium costs throughout the year could mount up quite surprisingly. It is quite possible a whole turnover Credit Insurance policy (covering nearly all of the debt ledger) could be more affordable than previously thought, whilst providing a more comprehensive level of cover. Most whole turnover policies include a buyer’s protracted default together with integrated debt collection/legal recovery in addition to insolvency cover.

If you would like to explore the options open to you, contact Clearview Credit today and we would be delighted to discuss your specific needs and provide the most appropriate Insurance solution.