A sizeable customer default could have a catastrophic impact on your cash flow, even triggering insolvency. If a customer cannot pay you, Nimbla resolves your insurance claim in a few simple steps. We aim to pay all valid claims within 30 days.
When a customer becomes insolvent, the administrators will send you a letter informing you. You’ll need to send this to us.
Next upload your original invoice, policy details, and the insolvency letter to our handy online claims portal.
Once your claim is approved, we aim to pay you in 30 days or less. We’ll keep in touch with you too so you can forecast your cash flow.
Martin’s Machines insures a £9,000 invoice for supplying a machine to Bob’s Bakery, who have agreed to pay within 30 days.
Bob’s Bakery fails to pay the invoice after 30 days after going insolvent, leaving Martin out of pocket.
Martin’s Machines receives a letter from the administrators confirming Bob’s Bakery is insolvent.
Martin sends over his invoice and policy documents to us by email, so we can review their claim.
We immediately assess Martin’s claim and keep him informed of any developments.
Martin’s claim is approved, and he receives £8,100 in payment (i.e. original invoice amount minus the deductible).