frequently asked

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What is single invoice insurance?

Single invoice insurance is our new, flexible form of trade credit insurance, protecting you should your clients declare insolvency.

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What do you mean by flexible?

By offering cover on individual invoices, you to get the cover you need without fixed recurring premiums or lengthy commitments.

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What does it cover?

Single invoice insurance protects your business from customer bankruptcy or insolvency as well as the cost of debt collection.

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Can i insure overseas clients?

We are currently only able to insure invoices raised with UK businesses (not individuals). We are offering cover for export (overseas debtors) soon.

 
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Can I insure the invoice i raised last week?

Yes, this can be possible. However, we recommend insuring your invoices early as 'old' invoices may not be insurable if a significant amount of time has passed since it was raised.

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Anything else I should be aware of?

Cover may not be possible if your buyer has a very low credit rating. You can check your customers’ credit ratings free of charge by using Nimbla.

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So how much is it?

Cover can be as little as 0.2% of the invoice value while our 'minimum premium' is just £5.60 (or two posh coffees!) including Insurance Premium Tax (IPT).

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Why does the price change?

Estimates consider a range of factors including the credit worthiness and payment behaviour of your customer, and will respond to new information.

 
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Why is my invoice showing as N/A?

This usually happens if your invoices were raised some time ago, if an invoice has credit terms over 120 days, or if your client has a very low credit rating.

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Isn’t this just invoice factoring?

No, we don't advance cash, but rather protect it.

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Can you insure my factored invoice?

We can indeed. In fact, many alternative lenders and invoice factoring services require that you have this type of insurance in place!

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What if i don’t have cloud accounting?

We can still help, send us an email at info@nimbla.com or call us on +44 1423 222 417.

 

When will I get paid?

As soon as an event occurs we can process the claim. An event is the insolvency of the company (debtor). If the debt collection service is used we will simply cover the fees directly.

We aim to dramatically improve the time to payout claims and estimate 95% of claims will be paid within 48hrs.

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What excess can I expect?

Rather than a fixed excess we use co-insurance.

This is typically 10% of the claim value, although this may vary. The co-insurance percentage will be presented before you purchase your policy.

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What is co-insurance?

Unlike a fixed excess, a co-insurance deductible is a percentage of the claim value so if you have a smaller claim due to partial debt recovery your deductible will go down too.

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Is my data secure?

Yes. We adhere to strict policies regarding the use of your data in line with the requirements of the Data Protection Act. We are registered with the Information Commissioner's Office, with registration number ZA259762.

Please check our Terms and Conditions as well as our Privacy Policy for more information.

 

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