Imminent loss
A loss is assumed to be imminent in the presence of a material breach of obligations or risk aggravating factors (e.g. payment delays). The policyholder must notify SERV at once, giving details of the measures already taken.
In coordination with SERV, further measures must then be taken without delay in order to avert or minimise any loss. Such measures can range from extending payment of the debt to suspending the delivery of goods and/or services.
Unlike losses due to political causes, losses caused by economic factors are generally more complicated and expensive to prove. It is therefore vital, right from the outset, to have clearly designed and comprehensively documented terms and conditions of purchase, delivery and acceptance, as well as precisely defined time limits. This line of approach also makes it easier to avert potentially unjustified defences from the foreign debtor.
In the case of an imminent loss, a team of specialists is available to assist SERV's policyholders. At this stage, the first point of contact is always the account manager you already know.
Version: 30.07.2008