Featuring an end-to-end digital underwriting platform, ReceivaSure serves small- and medium-sized companies
STAMFORD, Conn.—Jan. 28, 2019—Waldorf Trade Risk, LLC (WTR), an insurance program administrator specializing in trade credit risk, announced the launch of ReceivaSure™, an accounts receivable insurance program for small- and medium-sized companies built on an end-to-end digital underwriting platform capable of processing most quotes in 24 hours.
ReceivaSure will be offered in all 50 states on an admitted basis through Nationwide, rated A+ (Superior) FSC XV by A.M. Best Company. The program is currently available in more than 40 states, and the remaining states are expected to be admitted in the very near future.
“Accounts receivable are generally one of the largest assets of small businesses, but are frequently uninsured,” said David Waldorf, CEO and founder of WTR. “ReceivaSure not only protects accounts receivable from non-payment or late payment, but it can spur growth by enabling small- and medium-sized businesses to expand their customer bases while minimizing the risk of default. In addition, when accounts receivable are insured with a reputable carrier, asset-based lenders and trade finance houses are more likely to approve higher advance rates.”
Using its digital underwriting and policy administration platform, WTR quotes and binds ReceivaSure policies within one business day, with the exception of some international submissions. This innovative platform earned WTR a spot among six finalists in the 2018 Entrepreneurial Alliance’s Shark Tank Competition, sponsored by the Entrepreneurial Insurance Alliance, which supports innovation in the insurance industry.
The ReceivaSure program is offered through specialty insurance brokers and can be submitted in three ways—Domestic (includes US & Canada), Export (all non-US & Canada Receivables) and Global (all eligible business). The program benefits businesses with $100,000 or more in annual sales, including companies looking to do more business on open account terms, companies that export or are seeking to export for the first time and those looking for first-time loans plus B2B companies looking to increase their advance rate on operating lines of credit.
The policy includes commercial risk protection for businesses whose customers become insolvent, seek Chapter 7, Chapter 11 or the equivalent in their country of domicile, are in protracted default and continued delinquency, or are unable to pay invoices. It also provides protection for political risk exposures such as currency inconvertibility, exchange transfer risk, import/export embargo and license cancellation.
WTR previously offered an accounts receivable insurance product on a non-admitted basis through a different insurer.
About Waldorf Trade Risk, LLC
Waldorf Trade Risk, LLC is a Stamford, Conn.-based insurance program administrator and underwriter specializing in trade credit risk. Its flagship program is ReceivaSure (www.receivasure.com), an accounts receivable program for small- and medium-sized enterprises (SMEs) seeking to grow with protection against customer non-payment and late payment. It utilizes a cloud-based underwriting and policy administration platform that enables it to quote and bind most policies within one business day.
Products and services are written or provided by subsidiaries or affiliates of the Nationwide Insurance Group. Not all products and services are available in every jurisdiction, and insurance coverage is governed by actual policy language.