Policies for corporate clients

Advance Payment Insurance Policy

Issued to companies that are registered in Oman. The policyholder obtains the insurance policy to insure the advance payments that are paid out, for both local and international suppliers.

Insured profile & eligibility

Companies registered in Oman
SMEs
Trading locally or when exporting

Cover provided

Local and foreign suppliers
Typically issued with TCI policy
Multiple suppliers

Risks insured

Supplier Payment Default or Insolvency risks

Optional add-ons

Assignment of benefits to banks

The Advance Payment insurance policy is issued to companies that are registered in Oman. The policyholder purchases the Advance Payment Insurance Policy, to insure the advance payments that the policyholder is carrying out, for both local and international suppliers.

The policy insures the commercial risks related to these types of transactions, namely protracted default and insolvency. This policy covers policyholders in the event of a supplier becoming insolvent before delivering on the commercial agreement, or if the supplier fails to refund the advance payment done by the policyholder after the supplier fails to meet the terms in the commercial agreement. In such cases, Credit Oman will indemnify the Policyholder for the advance payment(s) carried out to the Supplier in question.

RELATED PRODUCTS

Trade credit insurance policy

For companies registered in Oman, seeking to trade with local buyers or export their products or services internationally, the short-term trade credit receivables policy safeguards sales transactions and protects cash flow.

Multi-buyer trade credit insurance policy

The Multi-buyer Policy by Credit Oman, offers full buyer portfolio coverage. This policy is ideal for companies selling to a large number of buyers, locally in Oman or exporting to international markets.

SME Policy

The SME Policy by Credit Oman, is tailored for small and medium sized enterprises, both selling goods and services in Oman, as well as companies selling to international markets. This policy for can be used by companies registered in Oman as SMEs and have a permit to trade.

Extended short-term credit insurance policy

The extended short-term credit insurance policy insures its holders against the payment default of their corporate buyer for the sales of goods and services, payable by instalments, over a period of up to 36 months.