You delivered and were paid. Years later your client is bankrupt and an insolvency administrator is demanding you return the money. This can be catastrophic for many businesses. Reclamation insurance protects you from reclamations demanded by insolvency administrators.
Though the law was amended in April 2017, there are still situations where reclamations for long ago paid claims through insolvency administrators arise. If in the past it is proven that payments were often too late then there is a basis for reclamation.
Reclamation insurance offers in such cases support and protects your outstandings with additional insurance amounts. Most of the time the amounts are covered by a trade credit insurance on top of an already existing policy.
In the meantime, there are also stand-alone solutions offered on the market. That means that even without an already existing trade credit insurance policy, there are policies regarding reclamation protection that are available. Talk to us about this and we will gladly guide you to find the best suitable solution that fits your needs, whether you have an existing credit insurance policy or not.